14 March 2007

WashOut Low?

Nasdaq showing impressive relative strength only down about half the big board indices. Was that it for the day? I'm not sure, as the selling into lunch was pretty intense especially on the e-mini S&P. Probably done trading for the day here as the last two days of gains (36 Nasdaq futures points) is above my expectancy and I don't have a real bias here other then fading a move back into that 1755 resistance for a quick scalp. Market internals negative but not quite at the levels you would expect so a "washout" low...don't think so...The one trade I would recommend is buying the S&P futures at 1370 should they rollover again...there should big support there...jfg.

No comments: