It's going to be about Bernanke tomorrow, but we also have lots of volatility carrying news. YHOO is taking GOOG down with it, but IBM will provide support for same sector stocks in QQQQ/NDX. NQ futures will need to hold 1465. SPX did a strong test of 1225 with a nice reversal, but we are still below 1241, 5 dma. ES 1237.50 is monthly S1 and bulls need to hold it. QQQQ 36 is supportive, thanks to all those puts expiring on Friday.
We will also have oil inventories at 10:30 EST. The sell-off was rather brutal in energy as all that nonsense about the conflict in Lebanon disrupting oil shipments quickly turned out to be just that: nonsense. I wrote about that over the weekend and it came as no suprise. They drove crude down hard on a double test of 79.40 on the September contract and now oil bulls will need a couple of real hurricanes to justify this premium. There is one brewing, see link below.
We will also have oil inventories at 10:30 EST. The sell-off was rather brutal in energy as all that nonsense about the conflict in Lebanon disrupting oil shipments quickly turned out to be just that: nonsense. I wrote about that over the weekend and it came as no suprise. They drove crude down hard on a double test of 79.40 on the September contract and now oil bulls will need a couple of real hurricanes to justify this premium. There is one brewing, see link below.
This entry was posted
on Tuesday, July 18, 2006 at 9:40 PM.
