Close:
NDX did not make it up to its 200 dma, instead it stalled at exactly 50% oct/mar (1954). This is typical bear market action. As I mentioned last night, oversold gets more oversold. Immediate resistance is the 50 dma, once again, at 1941.
One other important note: the NQ September contract stalled at 1964.50 and only has an 8 point premium over the June contract. That could be telling us that the 200 dma (now at 1964 on the cash) could remain a problem throughout the summer.
I gave readers fair warning on AAPL and the excessive (10 to 1) June 195 and 200 calls back when the stock was at 185. Support is now between 154 and 160.
August gold found support just under it's May gap (now closed), which is now key support at 862. Tomorrow's CPI pre-open will be critical. Resistance is 875.70, weekly S1.
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on Thursday, June 12, 2008 at 6/12/2008 07:27:00 PM.
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6/12/08 8:01 PMYou were right on Apple. I wonder thought whether it will really drop below 200DMA. If it does, I'd be very concerned. But if it goes up above 180 again, and soon, we could be set up for a good move...maybe after June expiration?
Also, on 10yr, can you state where you think it's headed? Now that 4.2% has been breached, my guess is it touches 4.4% before heading down.
6/12/08 8:18 PM
AAPL has a gap to close at 154 and the 200 dma is at 160, take your pick. I think we hit 154/155, but who knows.
As far as TNX, 41.99 was important resistance, closing slightly above is bullish with a possible double top at 42.80 looming. We need more data, but a close tomorrow below 42 would tell us a temporary top is in.
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