The beige book put in question the 50 basis point rate cut and we had a continuation of the sell-off. There are so many shorts out there, you get the sense another rally is imminent but we might have to hit weekly pivots and/or close the QQQQ gap at 48.35 . Nothing is certain at this point, we might even go up and close today's gaps before all is said and done. Keep playing this day by day. NQ weekly pivot is at 1967, 4.5 points above Friday's gap close. Resistance is 2000.75 and 2005.
Do not discount the possibility of a Fed rate cut ahead of schedule if tomorrow's job report warrants it.
Do not discount the possibility of a Fed rate cut ahead of schedule if tomorrow's job report warrants it.
This entry was posted
on Wednesday, September 05, 2007 at 9/05/2007 06:48:00 PM.
You can skip to the end and leave a response.
» Post a Comment