03 April 2007

Get Ready To Wait

I've posted a 120 minute chart above...you see we've rallied right up to a short term trend line and the question today is how much time the market can poke it's head over 1800...we have to wait for the first 15 minutes to play out with one eye on that range and the other on internals...a quick and ugly A/D line will have me thinking we are going to reject that 1800 handle and turn tail perhaps into the 1780-1785 pivot...so looking for a wider range trade...if the bulls keep them running, I want to step aside and let the run takes it's course up to 1810-1815...if the momo really gets going, they could run them up into 1820 setting up downside for the rest of the week...so let's be prepared to jump on the train early to the short side or sit and watch the bulls ramp them up...
ICSC-UBS Same Store Sales up .03% for 31st March with pending home sales due out at 10 a.m... so watch out for that number...jfg.

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