Closing hour:
Everyone is trying to pick a top in crude, you can see it in the action with NQ (NDX futures) every time oil drops 50 cents. The hopeful start buying techs, only to get burned pretty quickly. Obviously, these rallies are still being sold into.
I think some investors need to be reminded that there is no difference between 135 oil and 137 oil. It is still high.
NQ did indeed find suppport at 1919.25, June 12 low. That along with OEX 695 will need to hold, or we will see a test of 1900 for NQ.
Gold is being hurt by the bond action which is holding up the dollar, but found support at weekly S1 (877). I hate to think what will happen to equities when bonds bid again.
Everyone is trying to pick a top in crude, you can see it in the action with NQ (NDX futures) every time oil drops 50 cents. The hopeful start buying techs, only to get burned pretty quickly. Obviously, these rallies are still being sold into.
I think some investors need to be reminded that there is no difference between 135 oil and 137 oil. It is still high.
NQ did indeed find suppport at 1919.25, June 12 low. That along with OEX 695 will need to hold, or we will see a test of 1900 for NQ.
Gold is being hurt by the bond action which is holding up the dollar, but found support at weekly S1 (877). I hate to think what will happen to equities when bonds bid again.
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on Monday, June 23, 2008 at 6/23/2008 03:32:00 PM.
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