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Today’s action and Tomorrow….

April 3, 2008 4:26 PM

Well, I called the market early and often…I said about 30 mins in it looked like we had seen the low….and it was….I said if we cleared 1367.25 we would challenge the highs and possibly challenge yesterday’s high…it went all the way to 1378 before backing off….Yesterday’s high was 1380. (This is all the June futures). I was a little surpised at the selling in the last 30 minutes. People are definately leary of tomorrow’s nonfarm number, especially since initial claims came in high this morning….

 The chart is set up to where it could break either way now. It is probably all going to be based on the nonfarm number pre-open. If we clear todays low, trouble is very likely…and 1345 area would seem like a likely target early on. If the number is good, and then take out 1380…I don’t see anything up top thats an issue…and all the way to 1400 seems likely.

We will know pre-open where we stand….

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