08 March 2007

Comments?Questions? Anyone?

The overnight kids at it again, as yesterday afternoon's Yen mini breakout move from a few days of consolidation failed miserably...the skinny is that the New Zealand central bankers raised interest rates making the Yen carry trade appear more attractive. Anyway, futures up across the board with $5 Dow up 71, S&P up 9.75 and NQ's up 16.75 @ 1754.25 right into our oft mentioned resistance level near 1755. Again, overnight shorts are going to have tough sledding ahead of them...though it shouldn't be as rough as Wednesday's carnage. Jobless claims up to bat @ 8:30 and everyone clamoring about the importance of this report. Just don't see it as the number is very convoluted...more important is the same store sales numbers...so be careful out there this morning as rollover, jobless claims and retail numbers can make for a real choppy trade...trend traders sit this one out as the first few hours will be all about the scalpers...be back with some charts...jfg.

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