The Yen is holding on to lows and trying to build a base. We are still at historical lows, but the trend could be up from here and traders need to put that on their radar. Building a long Yen position might be a good hedge going forward.
Yields on the ten year have gone up 13 days straight without a pullback. Risk could be to the upside for bonds in the short term.
Today's advance by QQQQ/NDX was tentative, but the close above 10/20 dma cannot be dismissed if it holds. Small caps put in an even stronger performance and are once again within striking distance of all time highs. The atmosphere is quiet in the press, no big drum beats, and that could be a reflection of the cautious to bearish mood.
Let price decide and see if NDX can get back above 1900 and in a decisive way. For SPX, the magic number is now 1522 and it needs a close above that to negate the bear flag. Careful.
Overnigh traders, watch NQ 1899.50, weekly pivot and new line in the sand. A lot will depend on the JPY moves. It's interesting to note that Japanese traders bid up the Yen when they are open and we drive it down during our trading session.
Yields on the ten year have gone up 13 days straight without a pullback. Risk could be to the upside for bonds in the short term.
Today's advance by QQQQ/NDX was tentative, but the close above 10/20 dma cannot be dismissed if it holds. Small caps put in an even stronger performance and are once again within striking distance of all time highs. The atmosphere is quiet in the press, no big drum beats, and that could be a reflection of the cautious to bearish mood.
Let price decide and see if NDX can get back above 1900 and in a decisive way. For SPX, the magic number is now 1522 and it needs a close above that to negate the bear flag. Careful.
Overnigh traders, watch NQ 1899.50, weekly pivot and new line in the sand. A lot will depend on the JPY moves. It's interesting to note that Japanese traders bid up the Yen when they are open and we drive it down during our trading session.
This entry was posted
on Tuesday, May 29, 2007 at 5/29/2007 09:05:00 PM.
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