19 March 2007

The OverNight Kids

Welcome back everyone...I hope some of you took the last few days to recharge and step back...I know I did...a little golf and some cocktails with friends can work wonders...
The overnight kids at it again with some spikes in the futures overnight...$5 Dow up 51, S&P up 7 and the Naz +8 @ 1773...the Nikkei posted a 265 point gain (the Chinese rate hike notwithstanding) with the European bourses all nearly up .8%.
Gold is flat near $655 with bonds slightly negative...Oil, down another 1.4% near $56.70...the dollar mixed...up vs. the Euro and Yen and slightly red vis a vis the Pound.
Looks to me like another sell the open scenario as the 1775-1780 level on the Naz should prove quite strong resistance in lock step with the 1410 level on the S&P...
Economic calender lite today with no major headlines...only potential news out there might be the somewhat anticipated resignation of the U.S. Attorney General Alberto Gonzales.
Anyway, we'll see if the bulls get a "little over excited" at the open and offer us a good spot do some selling...jfg

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