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TradeStalker's
R.B.I. Trader's Update
4/1/2007
(Published Since 1996)
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Dateline: 6:35 pm Eastern time, 4/1/2007
Early strength was shorted on Friday and the market made another nose-dive move in the morning. After getting to the last support at the 1418.50-1417.75 area on the SP futures,the market reversed very fast and then settled into a range. Another rally started in early afternoon, as the quarter end mark-up lasted into 3 pm. After tagging 1434.00 on the SP futures, the market bounced between 1429.00 and 1432.00 into the close.
The market has been very volatile, giving some big moves in both directions. The trades on the short side have tended to work best lately. The drops have been fairly swift and vicious, whereas the rallies have been labored for the most part. The SP futures made its low for the week on Friday,and now that 1418.50-1417.75 area on the SP futures is a key spot.
On Monday, look for the "sell early, buy the first decent pullback" type of pattern. The market should be "okay" as long as a pullback can hold the 1425.00-1424.50 area on the SP futures and the 1782.25-1781.25 area on the Nasdaq futures. If they don't hold, then we will be in for another day of back-and-forth action, at best.
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Good Trading,
Mike Reed
http://www.tradestalker.com/
Sunday, April 01, 2007
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