Intraday:
Gold took an initial hit, but it was a big fake and now is trading above 590 resistance. Oil is skyrocketing and the dollar is lower. Good recipe to be long gold. That inverse H&S I mentioned yesterday is getting some respect.
NQ held on to weekly pivot and did a rally up to S1 and some, but is now stalling on the monster oil bid. SPX found resistance at 1380. ES 1387 is going to be pretty tough resistance if oil keeps this bounce going, but they will try one more push before the Feds, and then they should back off.
Gold took an initial hit, but it was a big fake and now is trading above 590 resistance. Oil is skyrocketing and the dollar is lower. Good recipe to be long gold. That inverse H&S I mentioned yesterday is getting some respect.
NQ held on to weekly pivot and did a rally up to S1 and some, but is now stalling on the monster oil bid. SPX found resistance at 1380. ES 1387 is going to be pretty tough resistance if oil keeps this bounce going, but they will try one more push before the Feds, and then they should back off.
This entry was posted
on Wednesday, October 25, 2006 at 7:56 AM.
