Thursday, July 06, 2006


Here is a 15 minute chart showing regular hours trading in the September S&P e-mini futures. I commented on this chart yesterday.

I have been thinking that a three phase reaction was underway and would carry the market down to 1265 or so. But this morning the market rallied from the open and moved above yesterday's pit high at 1283.50. Since I am basically bullish on the S&P's I don't want to be left behind by an upswing. For this reason I shall now operate on the assumption that the reaction is over and that the market is headed for the 1310 level.

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