Option Investor
Archive
HAVING TROUBLE PRINTING?
Printer friendly version
  Jeff Bailey   3/7/03,  8:00:45 PM
Holy Correlative Support Batman! Wow! I'm looking for correlative resistance from 05:36:21 post and find many correlative support levels in next weeks Pivot Matrix Analysis Link

I've highlighted in "blue" the SPX 830 level as this level has been resistance the past three sessions in the SPX, and a very good short-term level to look for resistance on Monday. As I look at a chart of the SPX, any time it has HELD A CLOSE above this level, the SPX has traded into a "zone of resistance" or higher.

Here's a chart Link of the SPX with MONTHLY and next WEEK's retracements. To get to SPX 850 this coming WEEK, I'd need to see one heck of a round of selling in Treasuries. I really like the "tie" between the WEEKLY pivot of 830.81 and the YIELD correlations noted at 5:36:21 Analysis #3.

It's interesting that we just don't get any RESISTANCE correlations, especially in the DAILY levels. Why is this do you think? I'm thinking its because to get any correlative levels of RESISTANCE, a HIGHER trade is needed early next week to get the DAILY levels up to where they'd correlate better with WEEKLY/Monthly levels.

 
 
  Jeff Bailey   3/7/03,  5:36:21 PM
WEEKLY Pivot Matrix comparisons Per Thursday evening's Index Trader Wrap, and comments regarding how the Dow's DAILY pivot retracement moving lower had retracement there moving lower, which left the Dow vulnerable to a lower trade today, I've taken this past weeks pivot analysis levels and compared them against next weeks levels. Link

Analysis:

(1) I'm looking at the "wall of red" that served resistance at WEEKLY R1 this past week (3/3-3/7), and was NOT tested even though the major indexes had finished above their WEEKLY pivots. To me, this would mean that there must have been some type of supply that demand just wasn't able to overcome this past week. This observation would have me looking for resistanc at MINIMUM WEEKLY R1 again this week. (Bears take some notes, assess risk in their holdings to WEEKLY R1, if they don't like it, then this WEEK's pivots are important near-term resistance).

(2) I see no "exact" correlation in levels, where I might expect some more formidable type of computer selling, but do see some "zones" between both WEEK's R1's in the SPX = 850.4-853.4, OEX = 430.9-432.9. (Bears take some notes, assess risk in their holdings to these zones of potential resistance)

(3) "Tightest correlation" found at resistance would come from the 10-year YIELD ($TNX.X) at this WEEK's Pivot of 3.636% and the past week's S1 of 3.633%. (Bears take some notes and want continued buying in this bond to help eliminate potential risk that money could flow out of bonds toward stocks).

OK... now I haven't looked at any other correlation in our DAILY/WEEKLY/MONTHLY pivot matrix. I'm getting ready to do that. However, sometimes it is interesting to make an observation in one, and then see if there's anything that "duplicates" in another. If so, then that gets a trader's attention.

 
 
  Jeff Bailey   3/7/03,  4:01:13 PM
March Option Expiration .... with the US/UK giving a March 17th deadline, a quick check of my handy OI mousepad shows March expiration for indexes as being March 20th and equity expiration on March 21.

As such, trader initiating any further option trades on a "scenario of war" would most likely have to be playing April expiration MINIMUM.

 
 
  Jeff Bailey   3/7/03,  3:54:51 PM
The 3:15 PM Intraday Update has been posted. Link

 
 
  Linda Piazza   3/7/03,  3:51:14 PM
Swing Trade Signals
By now, only the most aggressive, best experienced, and least risk-averse traders remain in bearish positions, all others having closed out at Steve's official exit, at my urgings to consider the risks of holding overnight last night, or at some point during today's plunge and then climb back into the trading range. Still, it's time to consider the risks of holding over the weekend. Both bulls and bears could make plausible arguments in their favor heading into the weekend, with bulls pointing to the bounce from this morning's lows, the likelihood of a sooner-rather-than-later resolution to the Iraq issue, and the likely ability of the indices to hold key levels into the close. Bears could point to somewhat bearish-looking weekly candles, the lowest weekly closings of this year, the dismal employment figures, and the likelihood that the U.S. would bear the costs of the war alone. Bears in the OEX might point to the fact that, despite the move off today's lows, the close likely keeps the OEX within or near its trading range for the last two days, with that morning rally unable to build on the gains and carry the OEX out of that range. You probably had a plan when you entered the trade, so follow the plan. It's as easy or as difficult as that. For those of you who stayed out of the chop, congratulations. I'll see what I can do to make the markets cooperate by Monday so we can get that ideal signal.

 
 
  Kent Barton   3/7/03,  3:46:26 PM
Whoa! The VIX just spiked down to 35.50. This might be a function of the usual end-of-week routine, as traders frantically shore up and/or close out positions ahead of the weekend. Despite the move lower, the index is still above yesterday's low and the 200-dma at 35.00.

 
 
  Linda Piazza   3/7/03,  3:29:20 PM
Reader S.O. makes the following observation: The article on using the CCI for futures trading (and options) was on one of my live feeds and it also predicted that 420 was the top and reversed at 415. Thought it interesting to follow to see how it works. The referenced article was by Larry Wales. Here's the link: Link If you liked the article, let Jim know, as he's mentioned on the Futures Monitor that he's considering Larry for a writer's position.

 
 
  Linda Piazza   3/7/03,  3:24:06 PM
What's happened on the OEX in the last two days? Not much. A look at the linked chart shows that, except for a five-minute plunge this morning and the nearly 40 minutes it took to regain the trading range, the OEX has traded in a tight, approximately five-point range for two days. If you stayed out, congratulations! Link

 
 
  Linda Piazza   3/7/03,  3:09:42 PM
Unless something changes drastically (and to the upside) by the end of today's closing, the weekly index candles don't look particularly encouraging to bulls, but perhaps not wildly encouraging to bears. For example, here's a weekly chart of the Russell 2000, and its weekly candle looks typical of that on many index charts. Link While bulls might be somewhat encouraged by the lower shadow that shows prices springing up from near-term support, bears might instead note that the real body of the red candle is larger than that of the previous three-week's candles, a bearish sign. If the Russell 2000 were to move down to or below today's current low of 350.98, the weekly candle would look even more bearish and that lower shadow would be erased. Dialing down to the daily chart shows the Russell printing a doji so far today, though, with potentially bullish implications. That potential would not be fulfilled until a third confirming candle of a three-part candle formation known as a morning star was printed on Monday, however. Sometimes these patterns are not confirmed. The last time the Russell printed a morning-star pattern, however, the upside move was only 13 points before the Russell met resistance and rolled over again. That resistance was the trending-lower 21-dma, which currently crosses at 359.53, not far above the Russell's 353.99 current level. In addition, today's candle is the second forming beneath a supporting trendline that was broken this week.

 
 
  Kent Barton   3/7/03,  3:06:45 PM
A scan through the S&P 500 and Midcap 400 turned up the following possible plays: Short - CB, CTL, MRBK, SPW, TCH, TDS, VSH. Long - BBI, PNW.

 
 
  Jonathan Levinson   3/7/03,  3:01:17 PM
The 10(5) stoch on the 5 min COMPX candles is topping and we have our return to 1300 COMPX. A failure here will complete a head and shoulders on that timeframe. A launch from here will be a breakout from a bullflag, is my guess.

 
 
  Linda Piazza   3/7/03,  2:49:20 PM
Declining issues now lead on both the NYSE and the Nasdaq, showing another change in the pattern on the NYSE, as decliners have led at one point and advancers at another. Adv/dec ratios are .87 on the NYSE and .76 on the Nasdaq. Up and down volume are roughly equal on the NYSE, with down volume about 38 million ahead. On the Nasdaq, down volume is 3.35 times up volume. New highs:new lows ratios are 57:167 on the NYSE and 42:100 on the Nasdaq. Total volume is 968 million shares traded on the NYSE and 1.05 billion on the Nasdaq.

 
 
  Jonathan Levinson   3/7/03,  2:49:10 PM
Looking at the 5 minute chart, I see the COMPX back into its 1290-1298 range. A bounce from here will encounter resistance at 1300, and a failure from there would print yet another head and shoulders top. This is pure speculation, but we can watch the price action with that in mind. FVX is now down 6.3 bps, TRINQ 1.95, TICK.NQ -34.

 
 
  Linda Piazza   3/7/03,  2:36:02 PM
Kudos to the trusted reader who pegged the move down from OEX 420 (see my 12:47 post). As I mentioned in that post, I agreed that the OEX appeared to be failing from its retest of the bear-flag channel, but the potential for an afternoon rally, the potential support near 415, the temporary move down in the VIX, and the OEX hourly close above the 21-pma kept me from suggesting a play at that level. Some readers trade OTM OEX and SPX options and might not be profitable after commissions on a three or four-point move, entered after a confirming fall through the ascending trendline and perhaps exited near that 415 support. It's been a frustrating two days as I see potential trades set up, but cannot justify subjecting readers to the myriad of risks attendant upon entering a play the end of this week.

 
 
  Jonathan Levinson   3/7/03,  2:32:48 PM
Capture of Bin Laden's son now "not confirmed" by the White House for anyone who still cares.

 
 
  Jeff Bailey   3/7/03,  2:26:32 PM
QQQ tie-ins with Dow Here's a quick look at an intra-day chart of QQQ. Trader's in QQQ should now begin making some correlations with Dow levels, especially when/if Dow trades at/through support/resistance levels. Link

 
 
  Jeff Bailey   3/7/03,  2:17:38 PM
Dow Intra-day chart on 10-minute time frame.

 
 
  Linda Piazza   3/7/03,  2:16:46 PM
I don't trade pivot levels, but can corroborate Jeff's statement about not setting stops exactly on key levels. That theory was behind yesterday's potential trigger for an aggressive short position on the OEX with a trade below 415. The actual support level I had been watching was 415.82, but I was giving the trade an extra .82 to confirm direction. As it turned out, the OEX sank to the 415.40 level several times before turning back up. A trigger exactly at 415.82 would have subjected traders to being stuck in range-bound trading without the opportunity to close out with a profit ahead of Bush's speech, Intel's conference call, and Blix's report. Of course, after this morning's opening, maybe most of you would have willingly have endured yesterday's chop in order to close out the play at the opening, but that's hindsight, and the play could just as easily have gone the other direction. To Jeff's statement, I would also add an injunction that he taught many of us to heed--watch for closes above key levels and not just brief moves above them.

Note: in the last five minutes, the OEX dropped to 415.54 and then started moving back up again for that five-minute period, lending more credence to the importance of the level.

 
 
  Jeff Bailey   3/7/03,  2:06:28 PM
Level notes as it relates to the Dow. I've made note before, and John Seckinger has too, that traders that are trading the pivot analysis levels, usually need to give the Dow 10-points either side of their pivots. Think about 10-points in the scope of 7,600. Now, Dow's session high has been 7,743.82 and this is about 10 points above the WEEKLY S1 of 7,734.70.

If you believe like I do, that it takes a trade at 7,734.70, to actually trigger a computer to then begin selling at a level of POTENTIAL resistance, then there's got to be some slack at that level.

Again... not trying to get traders to not HONOR your stops, but an observation made before, and perhaps again today.

 
 
  Jonathan Levinson   3/7/03,  2:01:32 PM
The COMPX is back at chart support at 1300 even, best seen on the 5 minute candle chart. Mark, for an even better view on the market, I suggest the park bench across the street from the Marriner S. Eccles Building. From there, you can see the huge spotlight wheeled out by Al Green or Ben Bernanke, painting its bat-shaped "PPT" strobe across the early morning sky. Wish I had been there to see it.

 
 
  Jeff Bailey   3/7/03,  1:56:29 PM
The 1:00 PM Intraday Update has been posted. Link

 
 
  Linda Piazza   3/7/03,  1:53:46 PM
I'm a fast typist, but not fast enough lately. The OEX has just moved below its hourly 21-pma, although there has not yet been a close beneath this level. Watch for a close for confirmation of continuing weakness. That MA is currently at 417.34.

 
 
  Linda Piazza   3/7/03,  1:51:07 PM
We just saw a freefall on the DJI, with it again moving below 7700. Those in bearish plays want the DJI to stay below that 7700 level, and also want to see the COMPX move back below 1300.

As I type, I note that the OEX still remains above that hourly 21-pma, although last hour's close was just .60 above that MA.

 
 
  Jonathan Levinson   3/7/03,  1:50:01 PM
I am an Optionsinvestor subscriber & wonder if there is a symbol for spot gold that I can get on my charts. I use quote.com. Also what is you take on XAU. Do you think it is headed lower or do for a reverse on this reverse flag pole this morning? Thank you for your excellent MM commentary.

You can get spot gold quotes from www.kitco.com. I know of no symbol on quote.com for spot gold- it only quotes futures prices. On the XAU, we should see support right at current levels. A break below current levels could bring in weak support at 65, then stronger support in the 62 area, and below at 58.50. There are currently no buy signals that I see on the daily indicators I follow.

 
 
  Linda Piazza   3/7/03,  1:41:05 PM
Advancing issues now draw ahead of declining issues on the NYSE, with decliners still slightly ahead on the Nasdaq. Up volume is 1.6 times down volume on the NYSE, but down volume is about 1.8 times up volume on the Nasdaq. New lows predominate on both the NYSE and Nasdaq. Volume is 819 million shares on the NYSE and 895 million on the Nasdaq.

 
 
  Jonathan Levinson   3/7/03,  1:33:34 PM
Our ascending 5 min COMPX trendline has been violated, but without any signficant downside. 1298-1302 continues to be an important s/r congestion zone, and without a break below 1298, we remain in the same range we were watching yesterday.

 
 
  Mark Phillips   3/7/03,  1:32:21 PM
I've been away from the computer for most of the day so far, and have clearly missed out on some excitement. But looking at the action in the broad market over the past few hours, the only conclusion I can come to is that rising unemployment and the certainty of war are deemed as a reason for the bulls to buy. Why else would we have gotten such a strong rebound from the lows this morning?

In reality, the action looks to be predominantly short covering. I frequently use the OI play list as a measure of what is happening in the broad market, and it confirms that short covering is the dominant theme today. Only 2 of the 6 call plays are in the greenm, and only by a small fractional amount. By contrast, ALL of the puts are in the green today, having bounced back solidly from the early lows. My read is that the shorts are nervous about what might transpire over the weekend. I would expect Monday to provide a solid bearish entry point into several of these plays. But for today, I'll side with Linda in staying on the sidelines.

 
 
  Linda Piazza   3/7/03,  1:28:26 PM
The $TRAN moved up with the other markets this morning and now trades at 2036.24, never having fallen all the way to its February lows today. On the daily chart, the 21-dma slants strongly down, crossing now at 2086.91, near historical resistance at that same level. The July low for the $TRAN was 2090.32, giving strong relevance to the 2080-2090 level. Bearish traders who subscribe to Dow theory might want to watch this index's behavior if it should try to push above that resistance.

 
 
  Linda Piazza   3/7/03,  1:20:37 PM
The VIX has turned positive again, bouncing up .70 in the last fifteen minutes. Meanwhile the OEX pushes back down toward the hourly 21-pma, now at 417.37 and just below current OEX levels.

 
 
  Linda Piazza   3/7/03,  1:17:05 PM
Dialing down to a five-minute chart, I note that the OEX is just now slipping below the 21-pma on this shorter-term chart. Here's a snapshot of today's action, showing how the OEX has spent the middle of the trading day retesting the bottom of yesterday's bear-flag pattern. The chart also shows the various historical support and resistance levels marked in teal. Link

 
 
  Jonathan Levinson   3/7/03,  1:13:36 PM
The COMPX is resting on an ascending trendline on the 5 minute chart that connects the relative intraday lows today. A break below 1302 that prints fully will be a violation of that line. The QQV is down .17 to 39.42, TRINQ just above neutral at 1.58, and the TICK.NQ -101. FVX is at a relative intraday high, down 2.9 bps, and the damage to HUI continues, now -3.12, XAU -2.27. Spot gold is down 6.60. The US Dollar Index is back above 98. I'm watching FVX climb, now down 1.9 bps as the longer yields actually flip to positive.

 
 
  Linda Piazza   3/7/03,  1:11:43 PM
With the OEX currently at 418.49, the 60-minute 21-pma is now just a point below current levels, at 417.39. Bearish traders want to see the OEX move back below that important MA, after having a single hourly close above the level.

 
 
  Linda Piazza   3/7/03,  1:04:20 PM
Swing Trade Signals
As discussed in my 11:45 post, the OEX has not closed above its 60-minute 21-pma since March 3, but since then has achieved an hourly close above that level. As I mentioned in that earlier post, that hourly close above this MA should signal bears to be on the alert, if they have not yet stopped themselves out of plays. It signals a divergence from recent behavior. Those of you who did not elect to exit on Steve's official exit signal and have not done so yet should have your exit level in mind as you watch the afternoon's action unfold in case a quick exit is needed. I note also that the VIX continues to fall, now down .20 on the day. Disclosure: I have a bearish position on the OEX, entered with risk capital only. I set wide stops in my own plays, stops that would not be suitable for traders contributing anything more than risk capital to the market, so my decision to remain in the market today should not be taken as confirmation that you should do so, too.

 
 
  Linda Piazza   3/7/03,  12:47:41 PM
In Steve's absence, I thought you might like another assessment of the market today. Here's a comment from a trusted reader: Nice little descending wedgie on the daily, good show of correlative resistance on the mid-BB 20 dma; stochs on 60 & 30-min charts have questionable validity (IMHO, due to BBands being tight; this leads to false entries). For those extreme type-A’s out there, an extreme high-risk downside trade (better suited for futures, due to increased VIX) could be initiated upon break & continuation below the rising trendline on the 5-min chart, by default combining with a failure @ 420, in addition to the flat-lining upper BB on the 30-min chart. Risk/reward not bad, assuming a stop 421.25, reward down to the 413.5 zone. As I write, OEX holding @ 420 even.

I agree with the assessment that the hourly stochastics are of questionable help today, as I mentioned earlier, although I do think "sell" signals have more validity than "buy" signals in this climate. I also see the OEX rising along the bottom of yesterday's bear-flag channel and appearing ready to fail from that level. I also see extreme risk to any play today, as we've already seen the so-far temporary effects that a geo-political development, confirmed or otherwise, can have on our plays. If you're one of those type-A people who can't wait to enter, you'd also need to factor in the possibility of typical Friday afternoon short-covering.

 
 
  Jeff Bailey   3/7/03,  12:32:10 PM
3M (MMM) $124.75 +1.02% ... perhaps the strongest name in the Dow Industrials and one of few to still show a p/f buy signal associated with its chart. This one by my "top bullish pick" in the Dow Industrials. Would not mind holding 1/4 or 1/2 bullish this point, with 3-months MINIMUM expiration. Should bullish % reverse up from low levels and MMM trade new 52-week highs, there is NO overhead supply above $132.

For those that like to sell "naked puts," with premiums high, I'd like this one for naked put selling. Would also suggest (under uncertain market conditions) that naked put seller do buy an offsetting out-the money put as insurance.

 
 
  Linda Piazza   3/7/03,  12:29:56 PM
I agree with Jonathan's assessment of the proper strategy for bears today, especially as that's the proper strategy for any trade you enter. Before entering, determine the points at which you'll know that your original reasoning for entering the play is no longer valid. Your first goal is to preserve capital to participate in the markets another day.

 
 
  Jeff Bailey   3/7/03,  12:27:48 PM
Dow Industrials (INDU) 7,736 +0.81% ... getting upside alert here at WEEKLY S1 of 7,734.70. Per previous bearish profile, would not give Dow anymore than the little congestion of 7,745 (10-points above WEEKLY S1)

 
 
  Jonathan Levinson   3/7/03,  12:24:12 PM
What's a bear to do here? I'm completely baffled.

A bear is either hitting his/her stops and covering, or watching for them to be hit. The advance on the 5 minute candles shows a complete disregard for any of the support / resistance lines that would otherwise cause pauses or failures. If this buying is from the plunge protection team, then we have our explanation. Or, perhaps the hundreds of thousands of workers who lost their jobs last month have decided to buy the COMPX with their severance packages. The reason for the surge doesn't matter and shouldn't matter to us. Account management requires that we protect ourselves with stops, and if this move is hitting them, then follow your plan and exit the position. Next resistance at 1312 is fast approaching.

 
 
  Jeff Bailey   3/7/03,  12:18:51 PM
Forest Labs (FRX) $50.73 +1.68% ... on the move and session high. Looks to battle its flat 50-day SMA. Shorter-term 21-day SMA starting to round out and should serve support at $49.00 on pullbacks.

"Pairs trader" that may be short/put McKesson (NYSE:MCK) $25.73 -0.07% Link could seek offsetting exposure in FRX as bullish candidate.

This is what I'm doing in my account as I hold bullish positions in FRX, and bearish in MCK.

 
 
  Linda Piazza   3/7/03,  12:17:14 PM
At 36.43, the VIX is near the low of the day, only 0.09 in the green. Bearish traders should be alert to the potential for a continued rally. On the flip side of the coin, bullish traders should still be alert to the possibility that the VIX could move up again and break over that descending trendline.

 
 
  Linda Piazza   3/7/03,  12:14:55 PM
The OEX again comes up to test the underside of yesterday's bear-flag pattern, with a move over 420 breaking back into that channel.

 
 
  Linda Piazza   3/7/03,  12:12:19 PM
The oscillators are oscillating. Today's move off the lows has brought both 5(3)3 and 21(3)3 OEX hourly stochastics up from oversold levels, and they now approach overbought territory although they're not there yet. If this were a normal trading day, I'd be watching for those stochastics to reach overbought levels and turn down from there with the OEX holding at resistance. That would be my cue for a bearish entry. This isn't a normal day, however, especially with hopes that the noose is tightening around Osama bin Laden.

 
 
  Jeff Bailey   3/7/03,  12:03:37 PM
Updated intra-day Dow Chart on 10-minute bars to compare with last night's Index Trader Wrap. Link

Dow makes a move ABOVE our "zone of support" here at Dow 7,696, and has DAILY pivot now needed to hold resistance for bears.

The "apex" of the Dow's triangle from the p/f chart would be about 7,850, and it would take a trade at 7,750 on Monday to see a 3-box reversal back higher. Link

For those holding 1/4 bullish position in the Dow DIAMONDS, I'm not looking to add to position at this point. For those looking to establish first position, current levels are fine and just below initial profile.

 
 
  Jim Brown   3/7/03,  12:02:37 PM
The programming staff has asked for some more testers of the new Market Monitor. It has many new features like three separate windows available. One for Options only, one for Futures only and one for options and futures both. Plus the update speed is in the 3-5 second range compared with the 20 second lag time with the current version.

This is a screenshot of the new application: Link

If you would like to help us test the news version please download the application from this link. We have not received ANY complaints from the current testers.

Link

Download the setup file, unzip and execute. Please report back with any questions, problems. Thanks

 
 
  Linda Piazza   3/7/03,  12:01:16 PM
CNBC reports confirmation that Osama bin Laden's oldest son has been captured.

 
 
  Jonathan Levinson   3/7/03,  12:00:26 PM
A sudden buy program here- could be printing an ascending triangle on the 5 minute chart.

 
 
  Jonathan Levinson   3/7/03,  11:59:28 AM
The five minute chart of the COMPX shows a collapsing wedge. The TRINQ at 1.75 could go either way but reflects light selling pressure, TICK.NQ -143, FVX -6 basis points. Precious metals are being sold, HUI -2.27 and XAU -1.79, spot gold -5.10. The US Dollar Index remains well below 98, and on a purely personal basis, I have little doubt that we're watching the work of the plunge protection team yet again.

 
 
  Linda Piazza   3/7/03,  11:56:51 AM
Swing Trade Signals
Here's an update of the five-minute OEX chart, showing the difficulty of picking a potential entry today, even for aggressive traders, especially as we move toward Friday afternoon trading. The horizontal teal-colored lines are areas of historical support. The red ascending line is the broken supporting trendline, and the blue channel represents yesterday's bear-flag pattern. OEX 418-418.75 still appears to have some correlation with today's action, as does OEX 415. However, above and below those levels are layers of resistance and support that might stop a rally or halt a decline. I still have an overall bearish outlook. I'm still willing to keep my risk-capital-only bearish OEX play, but I still urge others who might be in bearish plays to evaluate their own trading plans ahead of possible Friday afternoon short-covering and a potential continued rally next week if geo-political developments over the weekend reassure investors. Link

 
 
  Jeff Bailey   3/7/03,  11:54:58 AM
Dow Industrials (INDU) 7,678 +0.05% ... per Index Trader's Wrap .... this is right in our little "zone of resistance" that was shown in last night's 10-minute bar chart of 7,080-7,693 from DAILY retracement (brown/gold) and WEEKLY (blue). Link

 
 
  Jeff Bailey   3/7/03,  11:51:28 AM
Colin Powell begins his address to U.N. Security Council.

DOW=7,691 , SPX=824, OEX=417, NDX = 981 , QQQ=$24.41

 
 
  Linda Piazza   3/7/03,  11:46:50 AM
That's okay, Jonathan. We all already know that Steve is dedicated whether or not he posted today. The reason I did believe it was him was because he contacted me yesterday while he was already on vacation.

 
 
  Jeff Bailey   3/7/03,  11:42:07 AM
Good question ... Jeff: This is amazing... why would the markets rally on "rumor" of Osama's sons capture? Who cares? What impact does that have on things other than "feel good" type of psychological factors, which would eventually erode with war on the horizon."

Not certain, but according to President Bush, there is supposed "ties" between Osama and Saddam Hussein. It could well be that any type of capture of Osama or his top officials, then has Saddam wondering if he would be "ratted out" and perhaps go into exile. At this point, the U.S. may not need much more than its current thoughts of Iraq stalling on weapons inspections to seek action against Saddam. I don't know if this is a scenario that the MARKET is thinking about as a contingent plan or not, but this is my only reasoning for why the MARKET would respond to such rumor, which Pakistan officials have already denied.

 
 
  Linda Piazza   3/7/03,  11:41:05 AM
Today, the 60-minute 21-pma has again been capping upward movements of the OEX, with MA now at 417.33, near the OEX's current levels. The OEX has pushed above that MA and has had hourly closes only cents under it, but has not had an hourly close above it since March 3. Those of you monitoring bearish trades might be alerted to more strength ahead with an hourly close above that MA.

 
 
  Jonathan Levinson   3/7/03,  11:36:53 AM
Sorry, guys, that post of Steven's was mine- I hit the wrong button.

 
 
  Jeff Bailey   3/7/03,  11:36:18 AM
Pivot Matrix Link with levels traded colored as (green: not traded and still viewed as support, Blue: Traded and Red: not traded and still viewed as resistance).

The DAILY portion is as it relates to today. The WEEKLY and MONTHLY have been an "ongoing" process since Monday.

Each night in the Index Trader Wrap, I post the pivot matrix.

 
 
  Linda Piazza   3/7/03,  11:34:57 AM
Here's a quote from the article Steve posted: ROBERT KERR, PAN-EUROPEAN EQUITIES STRATEGIST, BANK OF AMERICA, LONDON: "He said recent disarmament initiatives by Iraq have been encouraging but he's not saying it's enough. He has been very careful not to ascribe value, so his speech will be pounced on by both sides -- by those in favour of war and those against." I agree. I listened to Blix when he supposedly answered the self-posed question as to whether Iraqi cooperation had been complete and had met the parameters of the resolution, and he recited the facts. For example, he said that Iraq had put some barriers in the way of open inspections at first, but had removed those barriers and had been doing better. He did not appear to characterize or label the cooperation as "complete" or "not complete."

 
 
  Jeff Bailey   3/7/03,  11:31:49 AM
The 11:00 AM Intraday Update has been posted. Link

 
 
  Linda Piazza   3/7/03,  11:29:34 AM
To let you know how dedicated Steve is to his work and to readers, he's on vacation and still posting! Thanks, Steve, for the information.

 
 
  Jeff Bailey   3/7/03,  11:28:30 AM
Bloomberg TV reports that Pakistan officials have denied that there has been any capture of Bin Laden's sons, or Bin Laden.

 
 
  Linda Piazza   3/7/03,  11:25:55 AM
The S&P's now trade slightly in the green, with the COMPX, NDX, and DJI barely in the red. This is a key time for the markets. Bonds are up, the dollar remains weak, the VIX remains up on the day. Volume patterns still show more decliners than advancers and stronger down volume than up volume. All these relationships should point to more weakness to come, but unknown geo-political developments can continue to whipsaw the markets.

 
 
  Steven Price   3/7/03,  11:23:45 AM
Market reaction to Blix' speech: Link

 
 
  Linda Piazza   3/7/03,  11:20:22 AM
Having moved below the key 3600 level a few days ago, the FTSE 100 now measures 3490.60. The CAC 40 is at 2585.81, below its October 2612 low. The DAX, however, currently trades 2434.28, nearly flat on the day, and now a point above its recent multi-year 2433 low. Today, it made a new seven-year intraday low, trading as low as 2393.59 at one point.

 
 
  Jonathan Levinson   3/7/03,  11:18:45 AM
It appears that there is no smoking gun yet identified to prove the revival of a nuclear weapons program in Iraq.

 
 
  Linda Piazza   3/7/03,  11:15:12 AM
No sooner did I get that last entry typed than the OEX moved out of that consolidation range.

ElBaradei speaks now, reporting on the examination of evidence relating to Iraq's importation of aluminum tubes of a quality that might be suitable for use in the manufacture of atomic weaponry. He comments that Iraq imported rockets in 1987 manufactured with tubes of this specification and that numerous tests since then have resulted in a continuing use of tubes of this specification. There's no evidence that they're being used for anything other than what Iraq says they're being used to do, ElBaradei concludes, but he says that inquiries will continue.

 
 
  Linda Piazza   3/7/03,  11:06:46 AM
Dialing down to submicroscopic level, the OEX 1-minute chart shows that the OEX has been moving in a tight range between 415.80 and 414.50 since the opening of the UN Security Council meeting. Is there an analogous term for "treading water" that refers to market action?

 
 
  Jonathan Levinson   3/7/03,  11:05:58 AM
It appears that nothing has changed today except for a great deal of confusion and noise. Contradictory information regarding OBL's sons now. FVX is lower, -5.6 bps now, TRINQ 1.68. The COMPX is holding between 1290 and 1298, and if these past two weeks are any indication, we'll now spend far too long in this new range.

 
 
  Linda Piazza   3/7/03,  11:02:34 AM
While cooperation could be immediate, Blix says, disarmament could not be. It would however, take months, not weeks and not years.

 
 
  Linda Piazza   3/7/03,  10:55:24 AM
The VIX is less than a point away from a test of that descending trendline. It's possible that a test and push above that level could come today, and it's equally possible that a failure from that level could occur today.

 
 
  Linda Piazza   3/7/03,  10:50:50 AM
Volume today stands at 312 million shares traded on the NYSE and 403 on the Nasdaq. Adv/dec ratios are .85 for the NYSE and .78 on the Nasdaq, with these ratios being higher than yesterday's. Down volume is 1.43 times up volume on the NYSE and 2.1 times up volume on the Nasdaq. New lows vastly outnumber new highs.

 
 
  Jeff Bailey   3/7/03,  10:45:04 AM
Cisco Systems (CSCO) $13.11 -2.7% ... second-most actively traded so far this morning. Technicals have CSCO gapping below its trending lower 200-day SMA of $13.40. Look for support at lower Bollinger and 38.2% retracement of $12.76, from CONVENTIONAL retracement from the October lows to early January highs of $15.63. 21-day and 50-day SMA's now levels of resistance at $13.71 and $13.90 respective. Link

 
 
  Jonathan Levinson   3/7/03,  10:44:28 AM
I guess that OBL's sons didn't qualify for 0% financing after all. The FVX is lower, but still well off its lows of the day, -4.5 bps now. Recall that Al Green, before setting the program robots to "spin", drained 3B in repos, which should put some support under treasury yields. QQV is up a mere .3 to 39.89, TRINQ back up to 2.9, TICK.NQ -250. Spot gold is down 4.6 on the day, off its 7$ loss a few minutes ago. Well done to those who shorted the OBL spike. 24.28 should now act as QQQ support, ditto 1292 COMPX.

 
 
  Linda Piazza   3/7/03,  10:42:09 AM
Swing Trade Signals
Those traders still in bearish index trades, having not taken the official exit, are still doing okay, but still are not out of the woods. My bearish eyes see a rollover from resistance, and if this were any other climate, I'd be suggesting a bearish entry on a five-minute close beneath 415, but this isn't any other climate.

 
 
  Jeff Bailey   3/7/03,  10:40:45 AM
U.N. Security Council meeting begins. Blix Report

Dow=7,632, SPX=819, OEX=415, NDX=977, QQQ=$24.29

 
 
  Jeff Bailey   3/7/03,  10:37:19 AM
Forest Labs (FRX) $50.10 +0.4% .... back at the $50.00 level here. Still like this one as bullish, but per recent analysis and use of $0.50/box scale, would look long at trade of $51.50 for new position entries. Link

Quick check of RS chart, which we are trying to correlate to is close to that "new" RS buy signal of RS 61.00 Link

 
 
  Linda Piazza   3/7/03,  10:32:05 AM
Reader GM reports the following: Always rumors of course; but reports are coming in (mainly in the currency markets) that Bin Laden has been cornered and it is only a matter of time before capture (death), etc. Needless to say, this is making shorts very very nervous as such an announcement of death or capture could pop the DOW 500 points or so. Rumors report that Bin Laden has been traveling in a caravan and that US and Pakistan forces have a strong idea of where he is now located. Again, this could all be nonsense but for one to be short over the weekend would require a lot of strong nerves. Thanks, GM. I agree, but also agree that it would be difficult to justify holding long over the weekend, too. These kinds of developments and the markets' reactions to them are behind my decision not to offer official Swing Trade entries today. Also, although there have been big moves and may be bigger one, I haven't been able to find a trade setup today that looks like anything more than rolling the dice, even for aggressive traders with risk capital to spend.

 
 
  Jonathan Levinson   3/7/03,  10:31:46 AM
Spot gold is now down $7.

FVX is way up, now down 3.3 bps on the day. TRINQ nearly back to neutral at 1.83, TICK.NQ -18.

 
 
  Jeff Bailey   3/7/03,  10:24:42 AM
10-year YIELD ($TNX.X) 3.642% ... session low "plunge" on YIELD was 3.578% and "rallied" back on selling in Treasuries to 3.67%, with DAILY pivot of 3.65%. YIELD edging back lower here, thus thinking of trader's short/put in Dow again. (see 10:22:57)

 
 
  Linda Piazza   3/7/03,  10:24:16 AM
At least we're not bored today. The VIX bears watching as it retreats from its highs of the day. It dipped rather quickly on that market bounce, but has since come off its lows.

 
 
  Jeff Bailey   3/7/03,  10:22:57 AM
Dow Industrials (INDU) 7,662 -0.11% ... rally high has been 7,706.74, which was right near the DAILY pivot of 7,703.5. Bears that may have taken some positions off the table at WEEKLY S2 of 7,578, might look to leg back in with 1/4, using the WEEKLY S1 of 7,734.70 as resistance.

 
 
  Jonathan Levinson   3/7/03,  10:21:10 AM
Thanks to Brad, who notes that this arrest will provide 2 more people to take advantage of the zero percent financing deals- perhaps this explains the sudden pop in Citicorp (*grin*).

 
 
  Linda Piazza   3/7/03,  10:20:12 AM
Swing Trade Signals
Markets attempting a bounce now with the OEX now testing the bottom of the bear-flag pattern that it broke through yesterday. This apparently comes on information that bin Laden's sons have been arrested in Afghanistan. So far, the OEX appears to be failing from its test of that channel, but this indicates the dangers of trading in this market. Those aggressive traders who did not take Steve's official exit should have set appropriate exit levels before the market opened, and should be guarding those levels now, just minutes before the opening of the U.N. Security Council's meeting.

 
 
  Jonathan Levinson   3/7/03,  10:18:44 AM
News that Bin Laden's sons have been arrested.

 
 
  Jonathan Levinson   3/7/03,  10:17:14 AM
Unless this is a bad print, we have another flagpole rally as tech stocks become a screaming buy and gold becomes a screaming sell while the US Dollar tanks amid threats of war, soaring unemployment and economic decay.

QQQ 24.52, COMPX 1305. A moment of silence for Adam Smith, who once posited the concept of a free market.

 
 
  Jeff Bailey   3/7/03,  10:16:20 AM
S&P 500 (SPX.X) 825 +0.4% ... strong rebound from the morning lows of 811.23.

 
 
  Jeff Bailey   3/7/03,  10:15:25 AM
Bloomberg TV .... Traders on the floor of the NYSE were cheering as Dow rallies back to unchanged... hear a trader in the background yelling... "that's right baby... get them off!"

I think he was yelling at the bears.

 
 
  Linda Piazza   3/7/03,  10:10:23 AM
The SOX is bouncing back toward the key 282 level, but 21(3)3 and 5(3)3 stochastics warn that the move may be weakening.

 
 
  Jeff Bailey   3/7/03,  10:06:58 AM
S&P Banks Index (BIX.X) 268.72 +0.03% .... edges into positive territory here after morning low of 266.14, which did NOT test its WEEKLY S2 of 262.60. A bit of strength from a "stronger" index in our pivot analysis matrix.

Dow Industrials (INDU) 7,618 -0.7% off just 53 points now after it DID test WEEKLY S2 of 7,578.

 
 
  Linda Piazza   3/7/03,  10:02:29 AM
This snapshot of the SPX shows that this index trades square at the middle of a 60-minute regression channel, with 60-minute stochastics trying to cycle back up. The 21-pma lies overhead at 824.55, and it appears the SPX may try to test that level as I type. A close below the midline of that channel portends a fall toward the February 13 low or 806.29, and perhaps below that, to the bottom of the channel, currently at 790. Link

 
 
  Jonathan Levinson   3/7/03,  9:59:52 AM
The fed has just drained 3.25B by adding only 2B against the expiring 5.25B. This is no doubt to spur some selling in bonds and avert a breakout, which would crash yields.

 
 
  Linda Piazza   3/7/03,  9:54:48 AM
The Russell 2000 and $TRAN are climbing above the lows mentioned in my 9:35 post.

 
 
  Jonathan Levinson   3/7/03,  9:53:41 AM
The TRINQ has already blown off to 3.55, QQQ approaching resistance at 24.28.

 
 
  Linda Piazza   3/7/03,  9:52:44 AM
At 413.04 currently, the OEX tests the midline candlestick resistance, or 50% retracement level, from the first five minutes of trading, moving slightly above that level. Five-minute stochastics turn up out of oversold, so it's possible that the OEX could continue climbing toward next resistance near 413.69.

 
 
  Jonathan Levinson   3/7/03,  9:52:40 AM
The TRINQ is at 5.35 now, which is showing extreme selling pressure on the COMPX, but it's not broad enough, with a TICK.NQ of only -25. Some stocks are getting slaughtered, but not across the COMPX. FOr this reason, a bounce is likely, and we're seeing it off the 24.00 QQQ level with QQQ currently 24.20.

 
 
  Linda Piazza   3/7/03,  9:50:19 AM
To illustrate the potential for either a bounce or for a waterfall plunge, here's a snapshot of the VIX, once again approaching the descending trendline. It's been turned back from past attempts to push over this trendline, with markets bouncing as it turned down. A close above that trendline, however, portends the waterfall event Jonathan mentioned. This points out the importance of current action and how quickly the markets could shift direction just now. Link

 
 
  Linda Piazza   3/7/03,  9:45:48 AM
At 412.05, the OEX currently trades at the midline of the larger-than-normal candle from the February 13 bounce. This might be a key level to watch, too.

 
 
  Linda Piazza   3/7/03,  9:43:37 AM
Midline candle resistance from the first five-minute candle (or 50% retracement for retracement fans) is at 412.74 for the OEX. Bears do not want to see the OEX climb back above that level. This is just below the February 25 413.69 low, so I might suggest giving the OEX a bit of wiggle room when watching for a test and failure from resistance. For aggressive traders only with risk capital only, watch for a rollover from 412.74-413.69. Disclosure: I have a bearish position already on the OEX, and will not be adding to that position on a rollover.

 
 
  Jeff Bailey   3/7/03,  9:42:57 AM
Dow Industrials (INDU) 7,584 -1.17% .... early trade has seen a low of 7,652 and this was a dip in between our WEEKLY and MONTHLY "zone of support" of 7,567-7,579 from Index Trader Wraps based on the WEEKLY and MONTHLY retracements.

 
 
  Jonathan Levinson   3/7/03,  9:39:51 AM
Al Green has 5.25B due to him today from yesterday's expiring overnight repo. We await the 10AM announcement.

 
 
  Linda Piazza   3/7/03,  9:39:13 AM
Sixty-minute oscillators are likely to be less than useless today, as they often are in strongly trending markets. The five-minutes may give the only clues as to market direction. Even with those, if the downtrend remains strong, "buy" signals can not be trusted, while "sell" signals sometimes can. The problem is in knowing when the trend is letting up! In any case, I do not suggest using these to make actual buying or selling decisions, but to instead rely on price action.

 
 
  Jeff Bailey   3/7/03,  9:36:00 AM
The 9:00 AM Intraday Update has been posted. Link

 
 
  Linda Piazza   3/7/03,  9:35:06 AM
The Russell 2000 has moved below its February 351.78 low and its July 354.11 low. The $TRAN has moved below its October 2008 low.

 
 
  Jonathan Levinson   3/7/03,  9:34:47 AM
TRINQ now 4.31, showing extreme selling pressure. TICK.NQ -465, QQV +.7.

 
 
  Linda Piazza   3/7/03,  9:33:13 AM
As expected, the OEX, currently at 411.27, is below the February 25 low of 413.69 and headed fast toward the 408 bounce level from February 13.

 
 
  Jonathan Levinson   3/7/03,  9:30:49 AM
17 point gap down to 1285 COMPX, TRINQ 1.38.

 
 
  Jonathan Levinson   3/7/03,  9:25:32 AM
Many readers have been waiting for a big move to the downside, and today's open could be signalling it. Please do not forget the rules of account management. Please do not get "crash fever". Highly rare events are rare for a reason, and it's bad policy to try to bet on their occurrence. That's not to say that they don't happen, because they do, but the odds do not favor it. Trail your stops down and don't let bear profits get away in the event of a bounce that turns into a flagpole rally.

 
 
  Jonathan Levinson   3/7/03,  9:20:09 AM
I see COMPX support at 1275, then 1260. Resistance, which we know too well, is at 1302, 1309, 1312, 1318-20, and 1330. FVX is now down 9.1 basis points. I don't expect to see any of the resistance levels today, but they're quoted in the interest of thoroughness.

 
 
  Linda Piazza   3/7/03,  9:19:29 AM
Swing Trade Signals
According to the outlook from the ES contract, it appears that the SPX might open squarely in the middle of the range from the 2/25 low of 818.54 and the 2/13 low of 806.29. It's possible that the OEX will also open between its 2/25 and 2/13 lows. If that happens, there's not a good risk/reward argument for entering at the open, especially with the high volatility at the open pumping up options prices. Let's wait and watch the opening before making any decision. Aggressive traders fully aware that they're likely to be stopped out of any position might watch for an OEX test of 415 and a failure from there for a possible short entry. I offer this suggestion only for those traders who are going to trade every day, no matter what, and so would appreciate feedback from another trader. For everyone else, this is a good day to test your technical skills by watching the markets, drawing regression channels, trendlines, flags and other formations and watching how they play out.

I will not issue possible long entries today, even unofficial ones for aggressive traders. I say this even though I'm aware that markets might hit new recent lows and bounce, as market participants try to game the expected "when the bullets fly" rally. Trading that rally would be trading against the intermediate and long-term trend, and that's not my style. I will, however, issue warnings of an impending rally if I see that happening, for the benefit of those of you in bearish plays.

For those who did not elect to take Steve's official Swing Trade exit and who did not elect to exit yesterday ahead of Bush's speech and Intel's conference call, congratulations. It's time now to make decisions about protecting your profits. Be aware that OEX 407-408 has been a support level from which bounces have occurred. If the OEX were to plunge straight through that level, it could then be used as a trailing stop. If the OEX attempts another bounce from that level, watch yesterday's 415 level and, above that 418-418.75. Disclosure: I am still in a bearish OEX position, entered with risk capital only, long before Steve left for vacation. I'm still trading my plan, aware of risks and possible benefits, and you should be, too.

 
 
  Linda Piazza   3/7/03,  8:57:14 AM
The unemployment figures aren't likely to cheer markets this morning. The jobless rate rose from 5.7% in January to 5.8%, with the economy losing 308,000 jobs. Economists expected a rise of 10,000 jobs.

 
 
  Jonathan Levinson   3/7/03,  8:56:52 AM
The employment rate edged higher to 5.8%, non farms payrolls plunged 308K, and the workweek feel to 34.1 hours. More details at the link below. Bond yields are down across the curve, with FVX -5.5 bps, TNX -3.5 bps, and TYX -1.9 bps. QQQ is down to 24.11 from its close at 24.49. I'm hearing that 3Com just warned. The five year yield is at a 48 year low.

If this is the beginning of a waterfall, then short and hold could do the trick. Unfortunately, premiums are going to spike on the open, so being a put buyer out of the gate could cause you to buy in at an inflated price. Being a call seller would be the better of the two moves at the open. Staying out and waiting for the volatility to settle could cost you missing the move, but it will guarantee that you don't get gutted buying premium. I would either be using a premium selling strategy at the open, or stay out and wait for a safer entry. I have been long puts through the past weeks, and so will just watch the action as I've been doing. Others will see a potential bullish entry on the opening plunge, because not everyone is bearish, and in that case a put selling strategy at the lows would be good, but calls will no doubt be cheap for the buying, so premium should be as big a problem for bulls. The above is my own view, and others will no doubt differ.

Employment story at this Link

 
 
  Linda Piazza   3/7/03,  8:41:06 AM
Swing Trade Signals
When I'm making a decision about issuing an official Swing Trade Signal, I ask myself two questions. Is there potential for a big move? Do risks outweigh the potential gains? Yesterday and today, the answer to both questions is yes.

Waking to find S&P futures down this morning was frustrating. Anticipating a fall, I wanted aggressive traders fully cognizant of the risks to benefit. However, entering a trade yesterday before a breakdown below key levels and holding overnight through an Intel conference call and planned Bush address to the nation would have been akin to gambling. Only aggressive traders investing risk capital should be participating in directional plays in this market, and even those traders should be operating on more than blind faith.

After much study of the news and international markets this morning, I do not anticipate issuing an official signal today, either. This is not an aversion to making a decision, but rather a difficult assessment made after many hours of consideration of known risks versus possible rewards. Known risks include a U.N. session beginning at 10:30 ET today when one sentence might whipsaw markets, nearby support levels that might halt a decline, dangerously low bullish percent levels, the tendency of shorts of cover on a Friday afternoon, and the likelihood that markets will be buffeted by rumors. Yesterday, when explaining why I would not be issuing an official Swing Trade signal, I questioned "what if" Russia were to announce that it would back the U.S. position. This morning, a rumor circulates that Russia might back a U.N. resolution. A Bloomberg report notes that U.N. peacekeepers monitoring a demilitarized zone discovered U.S. Marines cutting a fence between Kuwait and Iraq. This violation was reported to the U.N. Security Council, but possibly of more importance to the markets was the implication of that violation. These are just two of the myriad of rumors or facts that could impact market direction today, and there are sure to be more. While futures traders can move in an out of markets quickly and profit while doing so, many of you index traders are trading OTM OEX or SPX options, and could not benefit from small movements before whipsawing markets stop you out of your plays. I will again alert aggressive traders fully cognizant of the risks to possible trigger points, with the suggestion that risk capital only be devoted to any index play.

This may be a frustrating day for all of you who might have wished to participate in a move lower, but did not get the signal to do so, but I assure you that better play setups have occurred in the past and will do so in the future. It's a frustrating situation for me, too. My goal is to be assured that you have capital left to participate in that better setup.

 
 
  Jonathan Levinson   3/7/03,  7:49:16 AM
The President had an effect on the US Dollar Index eerily reminiscent of Dan Niles' upgrade effect on INTC during months past, only this time there was no 1 hour lag. The US Dollar Index peaked at 7:55PM EST sharp at 98.40, and never looked back. It is currently .07 off its lows, trading 97.97, which is a multiyear low for that index. The ND futures contract is down to 975, ES 817.25. Spot gold is trading 356.50.

 
 
  Linda Piazza   3/7/03,  6:45:19 AM
Good morning. This morning starts off with yet-another report of troubled global markets. Impacted by Intel's comment about first-quarter sales, tension with North Korea, possible lowered U.S. demand, and a looming U.S. attack in Iraq, the Nikkei tumbled, closing at 20-year lows at 8144.12. Exporters, particularly semiconductor-related companies suffered. Other Asian markets dropped, too, as speculation intensifies that the U.S. will attack Iraq next week.

European stocks are plummeting, too, with the FTSE 100 at 3504, the CAC 40 at 2597 and below its October 2612 low, and the DAX at 2419 and below its recent multi-year 2433 low. At one point, the DAX traded below 2400, achieving a six-year intraday low. Chipmakers declined, although CNBC Europe reports that Infineon is now climbing from its day's lows and trading slightly in the green. One stock that has far to move in order to trade in the green is International Power, a British company with power plants in Texas. After reporting a Q4 loss and saying that excess supply will prohibit it from recovering this year, the stock traded 12% lower as of this writing, having traded as much as 14% lower earlier in the day.

Despite Bush's repeated statements last night that he hoped war could be avoided and that he thought the U.S. might garner more support than appears apparent at the moment, markets appeared to give more weight to his assertion that the U.S. is willing to go to war without U.N. support. All attention in worldwide markets now will focus on the U.N. session scheduled for 10:30 ET today. Trade very, very carefully today.

 
 
  Jeff Bailey   3/6/03,  10:04:43 PM
S&P futures (sp03h) ... settled at 821.80 and trading 821.30 here. Not too bad after Intel after-hours trade. President Bush's speech wasn't "alarming." Link

 
 
  Jeff Bailey   3/6/03,  10:03:26 PM
The Index Trader Wrap has been posted: Link

 
 
  Vlada Raicevic   3/6/03,  10:03:12 PM
The Futures Trader Wrap has been posted: Link

 
 
  Linda Piazza   3/6/03,  10:01:59 PM
The Swing Trade Game Plan has been posted: Link

 
 
  Steven Price   3/6/03,  9:58:13 PM
Yesterday's Market Monitor has been archived. You may view it and any previous days here: Link

Disclaimer: Results posted in the Market Monitor are hypothetical and OIN does not claim that any reader achieved these exact results. Due to the lag time between research, writing, posting, uploading, reading and execution there will be differences between the actual signal given and the fill achieved by the reader. Fills may be better or worse but in many cases they will be different. The writers will make every effort to give advance notice of intended signals and indicate potential price targets. Your individual results may vary depending on your activity level and aggressiveness. This forum is intended as an education service only. Trading involves risk and should not be attempted by anyone not ready to accept this risk. By acting on any signal in this forum you agree and personally accept this risk.

 
 

Market Monitor Archives