Fed minutes spark some short covering, but NQ hits weekly R1 at 1704 and backs off pretty strongly. SOX had an early bid, tagged August highs then backed off as well putting in a bearish divergence. It's always dangerous shorting these winter rallies, but it sure as heck is not dangerous to take some money off the table and I would start doing that here. Oil is still rising, now back above 59 and retail numbers on Monday will break or make this rally. All the good news looks priced in, so stay on your toes if long. I think shorts can start nibbling at January puts.
This entry was posted
on Tuesday, November 22, 2005 at 2:51 PM.
