After-hours:
CSCO does well enough and the stock jumps to 23.50. NQ is right at 50 ema resistance (1876). What is interesting is that oil has not made a new low since it hit 118 last night. If you remember, I have support at 117.75, but with tomorrow's inventories looming I wonder why they did not push it down further. That is a slight bearsih divergence for equities.
The rally looks solid, but we should see a pullback pretty soon as we gear up for option expiration week. Eventually, we should go up to the QQQQ June 25th gap (46.70/47.56). But sentiment has suddenly flipped and with the VIX hitting 20 this morning, expect some backing and filling. An hourly close above NQ 1976 keeps the ball in the bull's hands. Watch oil 118 overnight and tomorrow.
CSCO does well enough and the stock jumps to 23.50. NQ is right at 50 ema resistance (1876). What is interesting is that oil has not made a new low since it hit 118 last night. If you remember, I have support at 117.75, but with tomorrow's inventories looming I wonder why they did not push it down further. That is a slight bearsih divergence for equities.
The rally looks solid, but we should see a pullback pretty soon as we gear up for option expiration week. Eventually, we should go up to the QQQQ June 25th gap (46.70/47.56). But sentiment has suddenly flipped and with the VIX hitting 20 this morning, expect some backing and filling. An hourly close above NQ 1976 keeps the ball in the bull's hands. Watch oil 118 overnight and tomorrow.
This entry was posted
on Tuesday, August 05, 2008 at 8/05/2008 05:03:00 PM.
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