Noon update:
COMP pushes up to 2401, closing its June gap. It's interesting to note that in that respect, NDX is lagging. If 2401 holds at the close, we should get 2425 next week.
I am repeating the various gap closes on futures: NQ 1931.25, ES 1322.25 and YM 11800. That does not mean we will get there, just a heads up. Use the COMP and bonds as guidelines. Also oil getting back up above 117 would be a negative. So far, it's holding as resistance.
We are very close to a cycle high for the summer, so stick to day trades on your longs. My guess is that we are done by next Thurdsay, but it can happen sooner, maybe even today.
Note the 200 dma's coming up for NDX/QQQQ and NQ.
VXN 23.76 is also a big number.
COMP pushes up to 2401, closing its June gap. It's interesting to note that in that respect, NDX is lagging. If 2401 holds at the close, we should get 2425 next week.
I am repeating the various gap closes on futures: NQ 1931.25, ES 1322.25 and YM 11800. That does not mean we will get there, just a heads up. Use the COMP and bonds as guidelines. Also oil getting back up above 117 would be a negative. So far, it's holding as resistance.
We are very close to a cycle high for the summer, so stick to day trades on your longs. My guess is that we are done by next Thurdsay, but it can happen sooner, maybe even today.
Note the 200 dma's coming up for NDX/QQQQ and NQ.
VXN 23.76 is also a big number.
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on Friday, August 08, 2008 at 8/08/2008 12:19:00 PM.
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8/8/08 12:38 PMISEE 200+ today hasn't been seen in a while. A concern?
8/8/08 12:46 PM
Absolutely, but it can spill over a few more days. It is excatly what bears want to start seeing as we approach resistance. Watch NQ 1928/1930 if we crack S2 at 1922.
8/8/08 2:25 PM
Could VXN close to 20 be a tell that the rally is at an end? The last few times, this has been the case. Also, comments on USD index...what a massive jump, but solid resistance up ahead.
8/8/08 2:48 PM
Yes, I am still sticking to VIX 20 and 25 broad range for August.
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