Morning update:
U.S. May ISM services index 51.7% vs 52.0 April
Bonds get a bid, but still remain in the red. NQ tapped the second level of resistance mentioned overnight (2011), and we keep churning ahead of oil inventories. Small caps are not participating, at least for now. The 50 dma is now resistance for ES at 1382. Nevertheless, unless bonds reverse course, bulls have a slight edge today, although as I type XLF has turned negative (financials). YM (DOW futures) is 100 points below its 5 dma, that gap is a little overdone versus the other indices.
Lots of equity long calls at the open, with ISE at 197: link.
U.S. May ISM services index 51.7% vs 52.0 April
Bonds get a bid, but still remain in the red. NQ tapped the second level of resistance mentioned overnight (2011), and we keep churning ahead of oil inventories. Small caps are not participating, at least for now. The 50 dma is now resistance for ES at 1382. Nevertheless, unless bonds reverse course, bulls have a slight edge today, although as I type XLF has turned negative (financials). YM (DOW futures) is 100 points below its 5 dma, that gap is a little overdone versus the other indices.
Lots of equity long calls at the open, with ISE at 197: link.
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on Wednesday, June 04, 2008 at 6/04/2008 09:59:00 AM.
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