Tuesday, March 18, 2008

Tuesday wrap

Impressive gains across the boards today as the FOMC .75 cut was met with some enthusiasm. The Qs got the 3 pivot+ move I was anticipating. . . and it was all up. We may get carry over tomorrow, but the interesting day will be Thursday with the 3 day weekend looming. I missed today's action as I left early in the AM for an appointment and didn't return until after the close. Another couple days up will get the Qs in overbought territory again, and as per my previous comments, I'm looking at the 20 DSMA as the line in the sand. The Qs closed above it, but the question is whether it can hold. The 3LRs are still not positive although the underlying technical indicators are looking encouraging in the daily and weekly time frames. Caution is advised.

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