6.11.2007

PRE MARKET THOUGHTS


Markets are set to open mixed after the big ramp up Friday afternoon. Not sure if that was in anticipation of a take over/ merger Monday or oversold conditions; my guess - both.


Barrons with a bullish article on LTD and some of the Oil E and P companies including FST NFX PXD NBL EOG and TXO.


Pimco's Bill Gross says Fed is on hold until inflation comes down; says may take 6 months or longer for Fed to cut.


Gapping up - MDVN BYBI BRNC NRMX CUP CRED INFN GERN NGSX --- Gapping down- MKTX PENN OMNI X DNDN E TOT.


The 2 day RSI numbers on the major indexes- all at/near 50.


The VIX about 7% above its 10 day SMA and the VXO higher at about 9% over.


Volume on Friday was considerably lower than on the big down Thursday but big down days tend to have higher volume than up days. Its usually dive down and drift up.


The SPX had a strong bounce at the 50 day SMA and the next target looks to be the middle of the BB or around 1,520, or another 1% higher from here. I am sure many folks will have a stop in under the 50 day as it could get ugly if that doesn't hold.

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

<< Home