The earnings minefield has begun and the picture is mixed, altough it seems to me everyone that is making the cut is only beating already reduced estimates (remember Q2?). Just an unhealthy rally with old names from an old bullmarket being recycled once again for the masses. But they will keep plugging this nonsense right up to the elections.
NQ right back in the old wedge, resistance at 1731, which is coincidentally the gap open from Tuesday. Gap close is 1741, if we get a spike tomorrow. They will try and drive the Q's up to 43, too many puts where we are.
I'll be out of town for a few days, but back this weekend just in time for the next round. I will be doing more posts on this forum, as I have decided to cut back the time I spend on the optioninvestor.com monitor.
This entry was posted
on Tuesday, October 17, 2006 at 4:46 PM.
