SOX, technology in general and small caps lead the charge. NQ (NDX e-mini futures and QQQQ proxy)finally did a move above 1495.50, 20 dma. Support is: 1495.50, 1492, 1488.75 and 1486.25. Below that stay flat or short. Resistance is 1498.50, 1503, 1506, 1512.75. Gasoline futures down 4%, retailers up 1%. Noticing a definite rotation out of commodities and into technology/retailers ahead of back to school and positive IT spending news. The pre-open news was good, the only bad news was something that did not happen.
This entry was posted
on Thursday, August 10, 2006 at 9:25 AM.
