Futures are down and it looks like shorting the gap for both ES at 1237.75 (entry was 1237.50) and QQQQ at 39.45 was a solid trade. The ES trade is already +4. NQ never closed its gap, came within 3 points, but the fact that QQQQ did the job might be enough. Tomorrow, we have oil inventories and the expected drop from Katrina is 8 million barrels bringing us to 314 million barrels. Any number lower than that in reserves might not be priced in and QM (oil futures) could take a bid and equities pull back. If QM drops below 64, next support is 63.60 and 63.35. Resistance is 65.85. It will be a volatile session.
This entry was posted
on Wednesday, September 07, 2005 at 9:38 PM.
