Market Wrap
We continue to see strong put interest at QQQQ 41 strike, setting up support there tomorrow. We could be stuck in the doldrums tomorrow after an intial bout of volatility. Oil prices on the radar, although this rally looks more like short-covering to me than anything fundamental.
SPX opened the year arounf 1248. Do the math: 3% growth this year realistically puts the index at 1286 year-end. That's the June 2001 high, by the way, and it seems we are getting a little ahead of ourselves. ES needs to hold 1310, NQ 1695. The real story however is the SOX hitting the skids (chart). Looks like 486 is next.
This entry was posted
on Thursday, March 16, 2006 at 7:25 PM.
