Quadruple witching tomorrow. Account deficit pre-open will affect the dollar and bonds. Looks like Buffet's bet could be paying off as the year ends. Watch gold futures as they test 500 support.
After an initial movement, the rest of the day could be hard to trade, just like today. They really have been working hard all week to keep QQQQ below 42 and NDX around 1700.
I like a long play in oil, QM February contract (January contract is the one quoted by the media below 60 now, but tomorrow will see rotation into February). Testing the waters with an overnight long on a hit of 60.675, stop 60.425. I believe traders will cover shorts ahead of the weekend as another cold snap hits us. As the dollar weakens, look for Opec to want to hold prices up.
After an initial movement, the rest of the day could be hard to trade, just like today. They really have been working hard all week to keep QQQQ below 42 and NDX around 1700.
I like a long play in oil, QM February contract (January contract is the one quoted by the media below 60 now, but tomorrow will see rotation into February). Testing the waters with an overnight long on a hit of 60.675, stop 60.425. I believe traders will cover shorts ahead of the weekend as another cold snap hits us. As the dollar weakens, look for Opec to want to hold prices up.
This entry was posted
on Thursday, December 15, 2005 at 7:02 PM.
