Sunday, November 11, 2007

Daily Numbers for Monday, Nov. 12/07


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ES Resistance @1496-1500, 1524-1528, 1534-1538, 1548-1552, 1558-1561, 1574-1578
ES support @1445-1449

POC=1463.50 (3-day downtrend)
Weekly Pivot @1477.5

Open gap @1555 (10/31)
Open gap @1450 (8/28)

The BPSPX closed below 50 this past week, and that combined with the fact that the McClellan Oscillator (NYMO) closing at around -70 on Friday indicates that we are going to bounce back up for the coming week, even if it is of the dead cat variety.
This is a perfect setup for playing the 7am reversal. Granted, I don't know for sure if the reversal will happen on Monday. But I think we will see the bounce sometime in the coming week for sure.

The financial sector has put in a bottom. It makes up about 22% of the S&P500.

Since tech has not yet put in a bottom, it is the wild card, and tech makes up about 16-17% of the S&P500.

For tomorrow, the key range for me to watch in the S&P500 eMini Futures (ES) is the 1455-1459 level. I'm not sure if that level is resistance or support.

I'm also watching BAC for a possible long - it looks like it has been so beaten up, that it is ready to bounce up a bit. Plus the 5.9% dividend is making it attractively compelling for my retirement account.

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