07 March 2007

Huddle Up

So Europe and Asia fail to follow through on yesterday's fervent bullishness...didn't anyone call them? The Yen is slightly higher along with bonds and gold. Oil is essentially flat with equity futures red across the board. Looks like a day of consolidation today before the next move.
I would expect we'll open them green or flat and then some selling down into the 1730's (look for 1735 for support) and then the buy programs take us back green and run into yesterday's highs @ 1750. Probably a tricky long trade in the there that I won't participate in but I will try to fade a move above yesterday's highs looking to short the Nasdaq futures anywhere above the key 1755 level...ideal scenario would be a nice buy spike around 2pm into that level using 1761 as a stop...that should bring some distribution back down into 1740 for a day that solves nothing for either camp. Watch your internals, especially the TRIN for signs of faltering and the TICK for a double spike in the 1750's looking for that fade entry...see you on the field...jfg.

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