22 February 2007

What Is Powering This Market?

Pre-market futures tickling the underbelly of recent highs with the NQ's approaching the 1850 level I've been watching...The news flow is slow save Whole Foods buying Wild Oats...Jobless claims up to bat (who cares) at 8:30 and petroleum reserves at 10:30...Cramer out with bullish semiconductor pumping and news that the Brits will be pulling out of Iraq...I guess it will now be an "Army Of One"

Bulls keep the momo going but resistance levels (using futures here) in the Dow at 12,800, the S&P at 1465 and the Naz at 1850 may prove difficult to power through at least for the time being...but who cares...let's party like it's 1999 and just buy, buy, buy...just like Willie Wonka's glass elevator...through the roof we go...see you in the sky...jfg.

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