PM update:
NQ holds on once again to the 1962.50 level and with the help of financials, we have a rally. But bonds have a bid and the Nasdaq keeps making more new year lows over new year highs. The VIX is finding support at the late 2007 lows. Bulls need NQ to close above 1984 in order to keep the momentum alive into tomorrow.
Just like late 2007, only a few key stocks are propelling NDX, namely RIMM and AAPL. But note that while RIMM is making new all time highs, NDX and COMP are far behind.
Equity ISE back up at 185, so complacency rules. This is a little scary considering that oil is still at 125. I still expect a heavy down day soon, although a COMP close above 2503 would negate the short term bearish scenario.
NQ holds on once again to the 1962.50 level and with the help of financials, we have a rally. But bonds have a bid and the Nasdaq keeps making more new year lows over new year highs. The VIX is finding support at the late 2007 lows. Bulls need NQ to close above 1984 in order to keep the momentum alive into tomorrow.
Just like late 2007, only a few key stocks are propelling NDX, namely RIMM and AAPL. But note that while RIMM is making new all time highs, NDX and COMP are far behind.
Equity ISE back up at 185, so complacency rules. This is a little scary considering that oil is still at 125. I still expect a heavy down day soon, although a COMP close above 2503 would negate the short term bearish scenario.
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on Monday, May 12, 2008 at 5/12/2008 02:09:00 PM.
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