Chart of the day: The DOW. As you can see, we are right at the trendline resistance from 2000 high. This time, it looks like we could actually close above it. If that happens, DOW 11K will get hit and shorts will scamper. Another failure of this test will send us back down rather quickly. I have a feeling bulls mean business, but we still have the jobs numbers on Friday. YM (DOW futures) has support at 10911, weekly R1 as discussed earlier and confirmed by the after hours low.
My tech pick of the year is Intel (INTC). At some point this year, they will start loading up on the big chipmaker in anticipation of the MSFT new Windows VISTA release. I am long INTC 25 APR calls as of Friday.
This entry was posted
on Wednesday, January 04, 2006 at 6:27 PM.
