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Intraday Comment’s and Yesterday’s Recap: We Never Cleared Key Support

April 9, 2008 7:24 AM

I mentioned that key June futures support was 1360.25. Yesterday’s low was 1362.25. I also mentioned that any selling wa likely to be mild, and it was. This just doesn’t have the “feel” of earlier that they want to sell into this and take it down. It is likely going to take some very negative news to get the ball rolling down. Yesterday’s home sales were about as ugly as it can get, and still nothing. People are completely wrong that the economy will recover soon however, IMO,  and reality will eventually set in. But that may take some time, possibly months. So do not argue with the tape - but know the tape is likely wrong.

 Open Update: Open flat, caution long near 1373-1374 early on…and we also need to clear 1372.25…looks like a very mixed bag here…bias appears modestly long …if we get much under 1367..could be a little trouble…not sure where we are going yet….

9:43 Not good, we are 1366 and change….we need to get back above 1369 here…If we clear 1360.25. trouble appears very likely…

9:50 Chart is looking weaker rapidly…but we still have several support spots below here as mentioned….so still not sure exactly where we are going yet…but staying down here isn’t good…1362.25 was yesterday’s low…looks like we could challenge that here…but we still have 1360.25 below that….

9:58 Not good….1363.50 thus far….not sure exactly what will happen if we clear 1360.25, but my first and second guess is NOT good…

1:34 This low may hold here….be very careful short unless it clears…Low was 1352.75…It is a little early in the chart to know for certain if it is likely today’s low…or not…

1:46 Looks like if we can clear 1358.50 we could run higher here…but it backed off that big time at 1358.25…Today’s low appears important here…If we get under that, I have no idea how low we will go….My call on 1360.25 was correct at it spiked down 7 points once that cleared… Volume appears modest…so it doesn’t seem like the players are serious about selling this down…yet.

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