Morning update (2):
Bulls press on as oil drops after inventories. Support for CL July contract will be 122.70, 50% May H/L (continuous contract).
ES has climbed back above its 50 dma, NQ is blasting past 2011 resistance with semis up 1.86%. INTC is up 3%. Techs have been particularly sensitive to the moves in oil, let's see if 122.70 holds. If that drops, 120.75 could be next followed by 119.80.
One slight word of caution, yields on the ten year are not moving past 4%, so there is a divergence with the NDX jump to weekly highs.
NQ June gap close is at 2034.75, unless bulls close past that, this is merely a move to close that gap (QQQQ 49.98). ES is still far away from that same gap (1400.50).
Bulls press on as oil drops after inventories. Support for CL July contract will be 122.70, 50% May H/L (continuous contract).
ES has climbed back above its 50 dma, NQ is blasting past 2011 resistance with semis up 1.86%. INTC is up 3%. Techs have been particularly sensitive to the moves in oil, let's see if 122.70 holds. If that drops, 120.75 could be next followed by 119.80.
One slight word of caution, yields on the ten year are not moving past 4%, so there is a divergence with the NDX jump to weekly highs.
NQ June gap close is at 2034.75, unless bulls close past that, this is merely a move to close that gap (QQQQ 49.98). ES is still far away from that same gap (1400.50).
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on Wednesday, June 04, 2008 at 6/04/2008 11:07:00 AM.
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