Open:
U.S. May UMich consumer sentiment 59.8 vs. 62.6 April
This is slightly above expectations (59.50), but a dismal number nevertheless. Bonds hold the bid and the dollar is getting a little weaker.
Financials are down and small caps (RUT) are lagging. Watch that NQ 2031.75 level mentioned earlier.
This is an important day for bulls. If they fail here. we have multiple head and shoulder readings setting up in all the majors, especially SPX. Fund managers are window dressing, which does give a floor of support, but a drop by NQ below 2023 would end the rally. A move above 2035 would set up a strong short squeeze.
ISE equity opens at 198 as the crowd loads up on speculative long calls (everyone is playing the 1st of the month rally, I would be careful).
U.S. May UMich consumer sentiment 59.8 vs. 62.6 April
This is slightly above expectations (59.50), but a dismal number nevertheless. Bonds hold the bid and the dollar is getting a little weaker.
Financials are down and small caps (RUT) are lagging. Watch that NQ 2031.75 level mentioned earlier.
This is an important day for bulls. If they fail here. we have multiple head and shoulder readings setting up in all the majors, especially SPX. Fund managers are window dressing, which does give a floor of support, but a drop by NQ below 2023 would end the rally. A move above 2035 would set up a strong short squeeze.
ISE equity opens at 198 as the crowd loads up on speculative long calls (everyone is playing the 1st of the month rally, I would be careful).
This entry was posted
on Friday, May 30, 2008 at 5/30/2008 10:02:00 AM.
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5/30/08 1:03 PMAccording to Almanac, $INDU has been up the first trading day in June 8 of the last 9 years. It almost makes it self fulfilling:)
5/30/08 1:28 PM
I smell a rat this time around, just because of that bond bid. I'd rather stay away from this one.
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