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Markets Ready To Open Higher Again – Is This A Fake Out?
June 10th, 2009
Morning all! Markets are set to open higher this morning. There is a lot of news surrounding auto-maker bankruptcies etc. Also the US trade deficit widened in April on falling exports. All in all, this has allowed the futures to crawl back from their early morning highs around 955 for the /ES. I think that if we continue to rally today – IF - then the 965 level is going to be key. Really any higher than that and we break the underneath of the major trend-line we are currently sitting at. Personally, I think this is just one big fake out. See the chart below.
AAPL has been on a rampage these past couple of months. After a fairly strong breakout above the Support/Resistance level it’s getting due for a turn around very soon. This kind of mimics what’s happening in the NASDAQ as well.
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Today's Live Market Quotes & Charts
| NASDAQ | 2784.95 | ||||
| S&P 500 | 1296.19 | ||||
| ^TNX | 1.70 | ||||
| ^XAU | 147.90 | ||||
| ^XOI | 1105.99 | ||||
| DUG | 28.33 | ||||
| IWM | 75.05 | ||||
| BGZ | 25.08 | ||||
| OIH | 35.60 | ||||
| TLT | 123.99 | ||||
| FAZ | 28.46 | ||||
| EEM | 37.44 | ||||
| URE | 57.30 | ||||
| GDX | 41.63 | ||||
| FAS | 75.55 |
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