Monday, November 19, 2007

No Traction for the Qs

The open and the 14:00 turn were both somewhat encouraging for the longs, but the overall negative momentum of the market just dragged everything down with it. The financials, of course, looked horrible. Amazing how that burst of buying enthusiasm last week (co-incidental with expiration) quickly evaporated today based on "worry about the banking sector". If there was any good news for the Qs it's that the S1 support held at 14:00 and we didn't get one of those gut wrenching plunges to S2 or the nether regions below. The Qs are still within the lower LR30 channel (see yesterday's post), but if we get a breakthrough tomorrow, it may well carry for a while.

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