Market Wrap
Clean hit early on of YM daily R1 and we proceeded to methodically move down to S1 for an almost 100 point range. It was a nice trade if you caught it. The GM and INTC news gave hope initially to dip buyers and some pain to shorts, but it didn't last. Crude jumped up to 54.95 and yields finally got it that Greenspan is not done. The end-of-day drop in crude saved the day for bulls, settling at 53.54. NDX found support at 50% 2005 H/L (1515), providing hope for bulls next week, however 1543 must be regained on volume to before we can call this rally back on track. As I mention below, I'm not convinced.
click on chart for full size
click on chart for full size
This entry was posted
on Friday, June 10, 2005 at 8:32 PM.
