PM update (2):
NQ 1936.50, 10 dma (NDX 1933), seems to have done the trick for now, just as oil hits 38.2% support at 117.95. TNX stalled right under 3.9%. Next support for oil is around 116.40, so energy bulls want to hold here. This is Friday with lots of geo-political events, I would book profits on any longs at this point. No sense in getting trapped.
By the way, QQQQ 47.56 (high so far) is not only the 10 dma, it is also the old June 25 gap close we battled with last week. These are confluences that are not to be ignored.
NQ 1936.50, 10 dma (NDX 1933), seems to have done the trick for now, just as oil hits 38.2% support at 117.95. TNX stalled right under 3.9%. Next support for oil is around 116.40, so energy bulls want to hold here. This is Friday with lots of geo-political events, I would book profits on any longs at this point. No sense in getting trapped.
By the way, QQQQ 47.56 (high so far) is not only the 10 dma, it is also the old June 25 gap close we battled with last week. These are confluences that are not to be ignored.
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on Friday, August 22, 2008 at 8/22/2008 10:53:00 AM.
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