Watch The Early Low’s
June 30, 2008 9:26 AM
I still believe there will be an attempt to reverse weakness early. We have Chicago PMI at 9:45 EST, so we should know direction pretty early. If we can hold 1280 area for time, the market could make a decent move here early. I still smell late selling, so be careful. I believe the Friday low was 1272.75. Even if we clear that we “could” reverse, not sure. If we clear it late into the close, the market is likely in big trouble.
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Its trying….this is playing out like i mentioned this weekend….9:45 may dictate early action
I would wait here for the 1st 15 mins and see where we are…espeically with PMI out at that time…
Ha….there is the strength i was looking for…1284.50
If we can clear and hold 1285.25 after the PMI, i think we will make a push higher
You can see the caution near 1285…
PMI was 49.6, far ahead of estimates….the market is trying to reverse off the highs…not sure yet
Hmmm…this is getting dicey
Not good, we cleared 1380…we need to stay above that for a variety of reasons, todays high is important
I am still not certain if we are going to melt down, wait for a reversal off a low to be long, todays high is very important
Ok, we have a battle between todays high and low…if we can close out 10:30 above 1382 or so, i believe we will take out the high
come on, get up there…
I believe todays low on the SP cash was close to a trendline…thats why I had to wait and wait if it held…it did…thus far
If 1385.75 clears before 10:30 it should explode to the upside, but doubt that will happen
I doubt we will clear 1381-1382 to the downside here
Its backing off the high….have to wait here
they just said this would be the worst June since 1930….ha
There were shorts at 1285.50 for sure…it shot down 2 points…if we can get over the high in the next 5 mins, those shorts should cover
hmmmm we HAVE to clear the high…
The longer the high stands, the more nervous the market may become….we need to get over it
ok, if we clear the high before 11:00…I expect some short covering…
if if if….
hit the high on the nose…
come on clear it or dont, im bored
Bingo, new high
I cannot imagine we wont go higher here, inless there is something i do not see…
2 point pop, thus far
new high…1288
we may have issues near 1290.50-1291…
1288.75
boy that worked as planned, be more cautious on new highs…
Man this is boring
this is the slowest action i have seen in a longgggg time here…I suspect all the traders believe we have to go lower…eventually…and nobody wants to buy
Hmmmmm i still believe there may be selling into the close…not sure…the ONLY low I like is todays low…be careful into the close…