Oil has dropped, but interest rate fears are creeping back in as the Ten yer note hits 5%. An earlier rally sparked by lower oil and good earnings has been reversed. ES must hold support at 1292.50. NQ key support is now 1716.25, 20 day moving average and trendline suppport. Bullishness in LRCX is offsetting some profit taking in AMD. Remember that techs and small caps perform better in a rising rate environment, so pick your battles. Awaiting jobless claims and retail sales data at 8:30 am. Keep an eye on bond futures.
This entry was posted
on Thursday, April 13, 2006 at 4:18 AM.
