QQQQ could not hold on to May lows at 38.23 and as I wrote on Sunday, that sets up a June gap close at 37.63. That is now done and some, leading me to believe that ES (SPX e-mini-futures) will follow suit soon and close its gap at 1241.25, or very close. Keep in mind that today's sell-off is being exacerbated by end of quarter window dressing. No fund manager wants to show he is holding the May/June dogs. I still expect the 2006 lows to hold ahead of the Feds.
This entry was posted
on Tuesday, June 27, 2006 at 5:12 PM.
