COMP closed above 2265, June 2001 high and looks headed for 2328, should this break hold. NYSE closed right at resistance discussed earlier and that is still the one to watch. The DOW is getting weak in the knees and the SOX held on to gains and some. NQ (NDX) closed at or near weekly highs. However, noting that the new highs in NDX/QQQQ/NQ and COMP were made with a solid RSI bearish divergence on the daily (chart). Will it matter? Has anything mattered? Or as my colleague, Jonathan Levinson commented, maybe bearish divergences are the wall of worry...In any case, oil has found a new life and has 61.40 in sight should 58.80 hold (long from 56.05 in the optioninvestor.com futures monitor, where I post as well). We will see how the markets handle that development. Interest rates are rising and the Feds are likely to keep going until 4.75%, minimum. Don't bet otherwise.
This entry was posted
on Friday, December 02, 2005 at 9:21 PM.
