Presently we are overbought on the short term time frame thus a pull back is in the cards. Based on the waves on the charts We have resistance at 1378, 1390, then 1425. I would love to see us break the of the first level 1378 as 1396 would definitely be in play.
As we move into that 1390 level I will be looking at some shorts to leg into. On the downside look for 1363 as initial support.
Gold looks like it can pullback to the 20 EMA and OIL looks like it will bust through the 100 level this time and will more likely stick.
One sector to watch is the Rails, yes the Railroads stocks. The Railroad sector is the top performing sector for 2008 so far, look for CNI, BNI (Bull flag formation, could trade to $94, trading at $89 now) and UNP.
Have a good day tomorrow
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment