Henry Ford's MarketWatch LIVE!
Intraday Market Insights
:: Monday, June 17, 2002 ::
2:55 PM
SHOULD HAVE GONE TO THE BEACH
If anything is going to happen it will be in the last hour...we will see what they have in store.
RSI hourlies and MACD are through the roof, but this can happen when coming off a protracted bottom.
:: Henry Ford ::
1:50 PM
JUST DRIFTING
Waitng for traders to get back from lunch 2-2:30 EST
:: Henry Ford ::
10:54 AM
MAKING NEW HIGHS
At this point doesn't look like we are going to back off to give the Bulls a chance to buy in at the gap closure. Since the Commercials were accumulating all last week, they may well be content to run the market up ahead of expirations to give themselves a nice payday and leave everybody wondering what happened. It is far too early to postulate, but if they do follow that scenario you can bet we will come back down after expirations to close those gaps....these don't look like break-aways. On the other hand Tuesdays can oftimes reverse Monday action during expirations and likewise Wednesday over Tuesday. Triple witching weeks tend to be the most volatile.
:: Henry Ford ::
10:18 AM
GETTING NEAR RESISTANCE LINES
...on all indices, without filling that pesky opening gap in SPU and NDX. SPU2 level has heavy resistance at 1025-1025.50 level which also happens to be the intersection point of the upper declining trend line on an hourly chart....DOW intersection at this point is around 9580 and NDX gapped above first resistance line at 1112 and is now trying for 1151 level which is a little longer term resistance line but still in the downward sloping channel. If these levels hold today, they WILL be challenged later.
:: Henry Ford ::
9:46 AM
BIOTECHS LEADING
We follow the markets with reference to the open, not to last night's close. At 9:40 approximately 50% of stocks on the NDX are up on the open, not a particularly strong number for a rally day. Leaders in the top ten are Biotechs. IVGN/PDLI/ABGX/HGSI/CEPH etc....DOW has 67% positive with AMR and DAL leading
:: Henry Ford ::
9:37 AM
SPU2 GAP (among others)
Well, we had about a 6 point gap on the futures, but 5 minute RSI is near the upper extremes, so odds favor a gap closure sometime this morning before we can work much higher.
:: Henry Ford ::
9:23 AM
GOOD MORNING ALL
Looks like we are in for a gap up morning today. No significant economic reports this morning.
:: Henry Ford ::