Open:
XLF (financials) is testing the March lows (22.29). This would be a third hit of the area. If they lose that, we should see the 2002 lows in the coming months. It's not looking very good for bulls.
QQQQ hit 48, its 50 dma. There should be some buyers there, but note the 5 to 1 down volume on the NYSE.
Oil inventories at 10:35. Watch CL 5 dma resistance at 135.05 and 20 dma support at 131.40. Tech bulls want to see a big drop in oil today. Keep in mind that we are also rotating out of the July contract into the August contract.
XLF (financials) is testing the March lows (22.29). This would be a third hit of the area. If they lose that, we should see the 2002 lows in the coming months. It's not looking very good for bulls.
QQQQ hit 48, its 50 dma. There should be some buyers there, but note the 5 to 1 down volume on the NYSE.
Oil inventories at 10:35. Watch CL 5 dma resistance at 135.05 and 20 dma support at 131.40. Tech bulls want to see a big drop in oil today. Keep in mind that we are also rotating out of the July contract into the August contract.
This entry was posted
on Wednesday, June 18, 2008 at 6/18/2008 09:35:00 AM.
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