Morning update:
It's a choppy mess, even though oil pulls back almost 1%. CL support is 116.90, 20 dma and 116.25, weekly pivot. NQ and ES have not made new highs, 1293 and 1919 still a problem. RUT tagged 740, just shy of its gap close (741.97). Now at 738.60. It's a bullish day, but still some question marks, such as TNX 3.8% finding takers, no new lows for VIX and VXN. It could be a great wall of worry, but remember that this is summer trading. Just book it when it comes.
It's a choppy mess, even though oil pulls back almost 1%. CL support is 116.90, 20 dma and 116.25, weekly pivot. NQ and ES have not made new highs, 1293 and 1919 still a problem. RUT tagged 740, just shy of its gap close (741.97). Now at 738.60. It's a bullish day, but still some question marks, such as TNX 3.8% finding takers, no new lows for VIX and VXN. It could be a great wall of worry, but remember that this is summer trading. Just book it when it comes.
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on Thursday, August 28, 2008 at 8/28/2008 11:30:00 AM.
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