Market Comment 11/12/06

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TradeStalker's

R.B.I. Trader's Update

11/ 12 / 2006

(Published Since 1996)

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Dateline: 4:53 pm Eastern time, 11/12/2006

The market had some nice moves last week, and Friday was no
exception. The early bounce nailed the SP resistance zone,
and the market sold off into early afternoon. Then, after a
washout below the initial support area, the market made a
little double bottom pattern and rallied into the close.

The market has been range-bound, with most of the action on
the SP futures taking place between 1393 on the top and 1380
on the bottom. Until the range is convincingly broken, look
for shorting opportunities on the run-ups that fizzle near
the top of the ranges, and look for a buying opportunity on
a sell-off towards the bottom of the ranges.

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Good Trading,
Mike Reed