Closing hour:
This is not a good tape for bulls. Internals are weak, you can just feel that the whole thing is being held up by quad witching. One little banana peel on the road will start a large slide.
I still have my eye on NQ 1995.50 and ER 741.70, both gone for now. Semis are down, banks are down and retailers can't even get above the 50 dma (RLX).
We could see one more short squeeze in the last hour, that would be on par for op-ex. But a down Wednesday is looming.
Where do they want to park SPX on Thursday? That is the million dollar question.
Per my weekend wrap, you should be short from QQQQ 49. Keep your stops in, 49.35 and above is no man's land for bears.
This is not a good tape for bulls. Internals are weak, you can just feel that the whole thing is being held up by quad witching. One little banana peel on the road will start a large slide.
I still have my eye on NQ 1995.50 and ER 741.70, both gone for now. Semis are down, banks are down and retailers can't even get above the 50 dma (RLX).
We could see one more short squeeze in the last hour, that would be on par for op-ex. But a down Wednesday is looming.
Where do they want to park SPX on Thursday? That is the million dollar question.
Per my weekend wrap, you should be short from QQQQ 49. Keep your stops in, 49.35 and above is no man's land for bears.
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on Tuesday, June 17, 2008 at 6/17/2008 02:51:00 PM.
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