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Market Update: If We Clear Yesterday’s Highs…

July 22, 2008 11:26 AM

If we clear yesterday’s, especially late in the day, my guess is we will close at or near the high of the day. The market is clearly trading on another big drop in oil, currently down over $5.00. We had a reversal off the lows within 30 mins of the open. I would guess that is the low of the day. TBoone is on CNBC at the moment, I believe he just said he is long oil. That may give traders some confidence, who knows.

Keep in mind, I said “if we clear it late”. Of we clear it this early, who knows. There should be a big pop either way. But if it clears it early, it could check back down. If it clears it late, shorts are likely to panic, IMO.  

Written by Tom@StockBlade.com · Filed Under General Market Comments 

Comments

One Response to “Market Update: If We Clear Yesterday’s Highs…”

  1. Tom@StockBlade.com on July 22nd, 2008 8:45 pm

    Well, i was right, the SP closed at the high in the last 30 mins or so…

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