Close:
A valiant effort by option writers to hold up indices in the face of tremendous pressures squeezed some shorts but did not quite succeed in getting NDX to close above its 20 dma. QQQQ tagged 49.02 and retreated to 48.80, right around the June 9th close. NQ came close to my weekly R1 short target of 2010, selling off at 2002 and closing at 1990, under daily R1 and 20 dma. This is when you need to adapt and improvise.
Gold had an early bid but some pretty quick selling hit it at its 50 dma (897), closing 10 points below, but still hanging on to 880/882 support. This is day by day trading, with most of the profitable action at the open.
The yield on the ten year is finding takers in this zone (4.25%) as a Fed talks down rate hikes.
The VIX (chart) is rapidly approaching an area of strong support (19.75/20).
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on Monday, June 16, 2008 at 6/16/2008 05:33:00 PM.
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