NQ hit weekly pivot and fell apart in a steady wave of selling. ES briefly went above weekly pivot, but succumbed as well. YM is the only one left solidly above weekly pivot. It was not pretty, but the SOX is still bullish. The NQ long from 1652.50 was exited at 1687.50 and a few short-lived re-entries later, it was best to either step aside or stay short. More key data awaits the markets tomorrow and all of this could once again be reversed. It's definitely a trader's market. Option expiration week is coming and that could provide an upward bias as we are sitting below a pretty solid amount of put open interest. ES 1255 is a must hold at this point.
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This entry was posted
on Thursday, February 09, 2006 at 8:27 PM.
