20 March 2007


Markets continue to churn higher without a bear in sight. Shorting that 1985 area not a smart move for anyone who traded it. My bias coming into the morning was a drop into 1765 that would clear the way for the bulls to bring the index back up that resistance @ 1785. Obviously that didn't happen and trying to figure out where the post FOMC trade goes is anyone's guess. If you're going to fade this afternoon, I'd use a wide range...maybe 1805-1807 on the upside or 1770 down below...
Market internals still bullish A/D lines +/- 2 to 1 across the board...up/down showing the same levels with the trin hovering just under .60 and the tick stubbornly bullish all day...No trade here as far as I am concerned unless we get those fireworks for a fade...I'll post if that should be the case...boring...snoring...jfg.

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