Thursday, January 04, 2007

S&P Update

In my stock market post earlier today I said that the market would soon begin a break that would take the Spiders and the S&P futures to slightly below yesterday's lows and the QQQQ's to a higher low near 42.90.

During the past hour we have seen more strength than I expected but I still think the odds favor one last break to slightly lower lows in the S&P. If instead the futures show strength above 1431 and the Spiders show strength above 142.00 I shall conclude that yesterday's lows will hold and that a rally to new highs for the bull market has begun.

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