jim_p,
NG fell out of its rising wedge today, good support at 3.83 and 3.42, which is still 2X the price a bit over a year ago.
No other targets given on downside as of yet.
I suppose the drillers could survive very well on those supports for the summer if they hold. A little hot weather Northeast and I would tend to think support will hold.
After all, wonder where we would be now if the heat wave of a couple weeks ago would have continued in the Northeast!
13DMA held the OSX down today, with good support at 116.
DOW has strong resistance at 10,800, NDX at about 3725.
Drop in interest rates very good for stocks if the dollar holds.
The above levels are from Securitytrader.com, I certainly won't have time till next week. I'm just sitting on some laggards like TESOF, UFAB, the right shoulder of the inverted H&S XAU and some cash. No time for trading this week, but next week its time to pay wedding bills, VBG.
Personally, I think the markets are being shortsighted at this point, giving Greenspan the finger while they are running up, buying more rope for their hanging at the next FOMC.
OTOH, and bullish for the energy stocks, traffic in our area has been increasing to levels I relate to larger metropolitan areas. Truly amazing, there seems to be no concern for conservation and I hear very little whining about high energy prices anymore. The summer driving season seems to be here with a vengeance...
Best Regards,
Roebear |
