28 March 2007

Are Yor Ready?

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications dipped 0.2 percent to 671.0 in the week ended March 23.
So the first data point of the day is negative...Beazer Homes investigation and oil and up at 8:30 is the durable goods number...

We were looking for that 1795 pivot to be hit yesterday but it was not be as the markets held their water until after the bell, falling into the pivot on the 6p.m. oil surge...we're trading just above/below 1800 as I type and depending on that durable goods number we could make a quick fast drop into the next level of support near 1785...below there is 1774...resistance is 1810-1812 and I'm expecting that number to hold back any buying today...
The play today would seem to be fading bounces looking for more downside as some short term traders looking for "window dressing" will be ill-positioned for a stronger drop and wanting to exit on any buying...so a drop into the 1780's that bounces toward 1795-1800 should be sold...remember BigBenBernanke on the docket today so that could lead to some stall in trade...
Could be a wild ride today...jfg.

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