Market Observations 12/08/06
Dollar firmed, bonds, gold & commodities fell on the Non Farms media spin.
NDX & NAZ still lagging on new highs. Look at open interest on SP500 PUTS, there will be lots of short covering next week.
SP500 hit 1418, pulled back to 1403 then bounced to 1409. Appears to be loading for another spurt to 1425 level on MON or TUES. on short covering.
After Quadruple witching expiration FRI, the market gets month, quarter and year end window dressing. SP500 1435-1440 & NDX 1860 are not out of the question.
The big question, is this a top and what will the New Year bring?
NDX & NAZ still lagging on new highs. Look at open interest on SP500 PUTS, there will be lots of short covering next week.
SP500 hit 1418, pulled back to 1403 then bounced to 1409. Appears to be loading for another spurt to 1425 level on MON or TUES. on short covering.
After Quadruple witching expiration FRI, the market gets month, quarter and year end window dressing. SP500 1435-1440 & NDX 1860 are not out of the question.
The big question, is this a top and what will the New Year bring?
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