Tuesday, October 28, 2008

Qs EOD uodate

OK, that was interesting. No news but big momo. Betting on the election maybe. New issue of SFO has two articles dealing with likely market reaction to Nov 4th results. Concurrence of both authors: McCain- good for markets, Obama - bad for markets. That, of course is based on their perspective and other market participants may have different views. Bottom line . . . your guess is as good as mine.
With such upward momentum into today's close, we may get a carry through tomorrow and possibly Thursday, but I'm expecting a pull back by Friday's close. And that's a stretch for me as my crystal ball rarely stays in focus for more than 150 minutes.
Next overhead resistance level for the Qs is at 33.06 or thereabouts.
Watch volume tomorrow to see if some that mountain of cash parked on the sidelines starts coming back into the markets.
Nice little GE/Qs divergent scalp 15 minutes pre close that lasted 10 minutes. In GE at 19.08, out at 19.45 for a really quick .37 and I was sweating every second of it. A lot of up volume the last 2 minutes, but I was out by then.
Markets are off a bit after hours so I'll be standing back at the open just to see how much retrace we get . . .that may provide a good indication of how much of today's medium volume surge was short covering.

1 comment:

GS751 said...

both will do more damage to the economy than help... But yeah markets reaction to each is a pure guess.