The VIX flashed a reversal signal, so bulls should be pulling back a little. QQQQ hit the 40 target to go short. This is a counter-trend play, the overall trend is up. Keep an eye on the DOW 200 DMA, now support at 10497.50. NQ target on the short is 1610, for YM it's 10482. If you're short ES, there is a gap to close at 1218.25. Oil is back on the radar and in cruise control. Add multi-month high in TNX (Ten year) and some money could be moving out of equities. Those yields are going to be tempting for many managers. The jobs report at 8:30 AM will be market moving.
This entry was posted
on Thursday, November 03, 2005 at 8:24 PM.
