PM update:
Oil drops and we get a stop run push right up to NQ June 25 gap open (1907.50). However, it also coincides with the 200 ema for NDX. If oil holds 118.50 after that test, we should have hit the highs for the day. If bulls do manage to push above that, we could see COMP 2400. But with such a stong bond bid, I think it is unlikely. Overall target is still higher, however so do not bet the farm on the downside quite yet. These are still trades.
Oil is making a higher low and higher high so far on the daily. We could get a confirmation today if the lows hold that yesterday's drop was a short term bottom (see Wednesday wrap). A break below 118 would be a warning for crude longs to get out.
Oil drops and we get a stop run push right up to NQ June 25 gap open (1907.50). However, it also coincides with the 200 ema for NDX. If oil holds 118.50 after that test, we should have hit the highs for the day. If bulls do manage to push above that, we could see COMP 2400. But with such a stong bond bid, I think it is unlikely. Overall target is still higher, however so do not bet the farm on the downside quite yet. These are still trades.
Oil is making a higher low and higher high so far on the daily. We could get a confirmation today if the lows hold that yesterday's drop was a short term bottom (see Wednesday wrap). A break below 118 would be a warning for crude longs to get out.
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on Thursday, August 07, 2008 at 8/07/2008 01:01:00 PM.
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