i cant get too bullish about today, investors wanted to see more evidence of intra meeting rate cut, and new jobs created slowed that sentiment, we will probably consolidate at lower prices short term, need to start hearing more about tax cuts that will add extra fuel to rate cuts, with semiconductors weighing us down today, and concern over csco earnings tomorrow, we have very little upside potential through tomorrow, with a lot more downside risk, best plays are probably scalping shorts for traders, if i was longer term investor, i would probably wait a couple more days before taking positions, short term reistance should hit us at 2700 area now, downside support around 2600 -2675 area, and if csco disapoints, we will probably crash through that, im waiting for the sentiment to start focussing on tax cuts and a break back over 2700 before i get agressive on the long side again
good news is, the sentiment can change quick
watching |
