Market Comment 11/09/06

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TradeStalker's

R.B.I. Trader's Update

11/ 09 / 2006

(Published Since 1996)

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Dateline: 6:43 pm Eastern time, 11/09/2006


We had early strength to short on Thursday morning, as the
SP futures turned down from a 1393.75 high. The first
pullback was bought, but the bounce turned down from a test
of the highs and the trends rolled over. Per the first
Intraday Update, selling the pops offered plenty of
opportunity on the short side as the market sold off to
support at the 1383.25-1382.25 area on the SP futures. There
was a quick bounce off of that zone but it couldn't stick.
Another push lower sent the SP futures to 1381.75, while the
Nasdaq found support at its 1743.50-1742.50 zone with 45
minutes left in the trading day. That stopped the bleeding
and the market firmed into the close.

The market continues to get turned away pretty hard on a
move to the 1393-1395 area on the SP futures. The volume was
pretty heavy on Thursday, which isn't a plus on a down day.
However, lately the market has acted like a champ -- getting
right up off the canvas of these knock-down punches. The
bulls will likely try to rally early, but if the initial
resistance areas are sold, the downdraft won't be over.

Nightly Support and Resistance numbers from a 24 Year
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