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I think we have seen some good test of supports in last one week, 1980 and below on NDX, DOT 550 area, IIX lows and Comp 2380 and below, we bounced off these supports, on Thursday we had this ugly close below 1292, I had written on Friday morning that this is a flasebreak and most likely we go back up and close above 1292, it is this increasing bearishness that gives me a slight indication that market may take the path of least resistance. For me a test of 1318 and even 1328 is on cards and plus five points would not be big deal. BKX which I highlighted as a long on Friday did really well, the support at 820 was held solidly and we moved up from a good test of this support I see no reason for BKX not to retest that 888 -892 area before it retreats, I also think that NAPM will most probably a non-event the Chicago number has given some insight to core important issue. I would assume that until real important reports come out we may see a market trending higher, even a test of 1292 will be inter-day, I will only short this market below 2135 on NDx and SOX 382 or BKX 832 until such time I will be trying to squeeze some thing out of my Friday startegy that worked fine, the BKX trade was just great.... |
