Oil is back, closing at 58.75. Resistance is 61 and support is at 56.40. Markets are going to zero in on every CL/QM tick until earnings take center stage. There are some optimistic consumer confidence readings, but that is a lagging indicator and polled before the resumption of the oil rally. NDX closed again below the 200 day ema and SPX has lost 1200. Expect a bounce after the holiday if there are no major events, but the mantra is still short the rallies until proven otherwise. Rising rates and rising oil are not a good combination for stocks, no matter what the pundits say. And since they are all mostly bullish, we stay bearish.
click on chart for full size
click on chart for full size
This entry was posted
on Friday, July 01, 2005 at 5:42 PM.
