Oil drops nicely, as I suspected it would once cool heads look at the bigger picture, in fact September contract is double topping at 79.40 and even though we are trading August, it is giving you a clue that we could have seen the highs for now. Key support for August contract is 75/75.50. Keep in mind that we could still see another push, but so far the sector is being sold.
QQQQ should hold above 36 since option expiration games have kicked in. NQ did test the 50% projection June I wrote about last week at 1465 overnight and that should be our low going forward for the time being (QQQQ 35.74, but the cash index never got that low).
This entry was posted
on Monday, July 17, 2006 at 8:47 AM.
