Overnight lows hold and we are still in buy the dips mode. NQ support is now once again 1847, ES 1476/1477. Bears could not manage lower lows and the trend remains solidly up. The Yen dropped a little and that helped. YM traders watch 12826, Feb 23 high. Weekly R2 is 12813. Channel resistance is 12885.
Semi conductors are down, hence some chop and hesitation. We are getting a little extended relative to 10 day moving averages. However, I mentioned at the beginning of the month that the markets will not behave the same way in April/May as last year. I still believe that, so don't bet the farm short. Day trades only for now. This is "buy the pullbacks" until proven otherwise.
Semi conductors are down, hence some chop and hesitation. We are getting a little extended relative to 10 day moving averages. However, I mentioned at the beginning of the month that the markets will not behave the same way in April/May as last year. I still believe that, so don't bet the farm short. Day trades only for now. This is "buy the pullbacks" until proven otherwise.
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on Tuesday, April 17, 2007 at 4/17/2007 10:51:00 AM.
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