Oil futures charged early on and the markets almost fell over the edge, giving us a great trade with QM. As crude eased, equities did a nice turnaround, especially after the SOX (semi-conductor index) bounced off the combined 200 and 50 day ema (chart). The DOW is still stuck under 10590, pretty tough resistance so far. August gold futures showing signs of upside breakout. This being option expiration week, it's hard to get a clear picture, but bulls and bears alike must be wondering what it takes to break out of the range. Right now, bulls have a slight edge as they refuse to let go, but if oil stays above 55 much longer, that control will evaporate.
click on chart for full size
click on chart for full size
This entry was posted
on Wednesday, June 15, 2005 at 5:35 PM.
