PM update:
The VIX and bond divergence prevail and we have a modest rally at the 1 PM turn. Watch SPX 1276 and NDX 1909. NQ weekly S2 held on the last attempt by bears to grab a few more inches. TNX is back above 3.8%.
Any rally at this point is more short covering than anything else, especially ahead of the weekend.
The morning gap for NQ is at 1916, still not closed. Above that, very strong resistance resides between 1927 and 1930. Fr ES, a strong move above 1276 could go as high as 1286. For now, still very far away and unlikely unless oil drops below 120.
The VIX and bond divergence prevail and we have a modest rally at the 1 PM turn. Watch SPX 1276 and NDX 1909. NQ weekly S2 held on the last attempt by bears to grab a few more inches. TNX is back above 3.8%.
Any rally at this point is more short covering than anything else, especially ahead of the weekend.
The morning gap for NQ is at 1916, still not closed. Above that, very strong resistance resides between 1927 and 1930. Fr ES, a strong move above 1276 could go as high as 1286. For now, still very far away and unlikely unless oil drops below 120.
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on Thursday, August 21, 2008 at 8/21/2008 01:15:00 PM.
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