| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3927 Registered: 05-2011 Posted From: 94.140.11.45 Rating: N/A |
The Big Three- Under early pressure The slip in bank earnings and weak retail sales number have us under early pressure. Given the break in technicals, I would be more interested in leaning on bounces. S&P- We tried to short this on a break of the 50-sma (4672) but got bounced out. The index left town without me as it slips below that key support. The poor retail sales numbers will not do us any favors. We are looking at some near term pressure in financials. I would look to lean on bounces. Nasdaq- A fresh 3-month low as it extends below those December lows. I pointed to the 200-sma (14957) and feel like we need a flush to that level before we see buyers step in with some confidence. I will look to lean on bounces until this condition is met. That does not mean we will see a clean run down there today. The ideal short would be a rally back toward 15500 that peters out quickly and then rolls over. Dow- I expect to see its 50-sma broken in early trade (35715). I would look to lean on a bounce. |