23 March 2007

Random Thoughts From The Front

Now the question is who is in the chair and who is on the leash...Internals still maintaining a positive bias here with Nasdaq breadth at 1454-1350 with up volume out pacing down volume 3041-1967...pretty much the same picture on the big board with breadth a bit more positive...I'm watching gold and oil here as futures rollover on gold maybe keeping a bit of pressure on the metal...oil continues to hold most of its' gains.
The housing numbers seemed positive on first glance but I wouldn't bet on it holding up the markets here.
Profit taking could kick in full force in the afternoon as many traders don't want to flip a coin on the news flow this weekend.
I wouldn't underestimate the news out of the Middle East today...it could really throw a wrench into the bulls plan to take the markets back to their recent highs...tensions could ratchet up very quickly...jfg.

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