Morning update:
NQ does find resistance at weekly S2 (1564). ES only makes a .50 new high on that move. We should chop around until we get news of the bill. The VIX is finding support at its weekly R2 (40). Interim level to watch for ES is now 1144.50.
We have some opening gaps that have not been filled, ES 1118.75 and NQ 1512. For now, this rally is still in the dead cat bounce category. It's amazing that we can even use that saying with a 250 point DOW rally, but that is how bad yesterday's drop was.
The Euro is taking a big hit. Even the Yen is down versus the dollar. It's interesting to note that the dollar is finding more and more takers as we muddle through this crisis. The bill is now expected to pass, a bullish dollar implies a positive for the measure. At the very least, it means the US will lead in any recovery.
As a reminder, the ban on short selling financials end Thursday.
NQ does find resistance at weekly S2 (1564). ES only makes a .50 new high on that move. We should chop around until we get news of the bill. The VIX is finding support at its weekly R2 (40). Interim level to watch for ES is now 1144.50.
We have some opening gaps that have not been filled, ES 1118.75 and NQ 1512. For now, this rally is still in the dead cat bounce category. It's amazing that we can even use that saying with a 250 point DOW rally, but that is how bad yesterday's drop was.
The Euro is taking a big hit. Even the Yen is down versus the dollar. It's interesting to note that the dollar is finding more and more takers as we muddle through this crisis. The bill is now expected to pass, a bullish dollar implies a positive for the measure. At the very least, it means the US will lead in any recovery.
As a reminder, the ban on short selling financials end Thursday.
This entry was posted
on Tuesday, September 30, 2008 at 9/30/2008 10:56:00 AM.
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