ES 1316 was sold and NQ could not re-conquer 1696, a very important level. Not much ammo for bears, that's for sure, but it leaves the door open. However, end of quarter noise coming up and that seems to be what is starting to happen. Don't expect too many "analysts" to come out on the sell side before then. YM closed just below 11390, another key level but the May 2001 high for the DOW was 11350 and we are only 33 points away. The SOX was red for most of the session, dragging in just enough shorts to create a wall of worry that was punched through, but techs are still a sorry lot. Looking at bonds today, it seems some are not on the Bernanke camp and we could get back to worrying about excessive Fed hikes throwing us into a slowdown. Ride with the bulls, but keep those stops very tight and don't hesistate to flip short.
This entry was posted
on Wednesday, March 22, 2006 at 1:02 PM.
