Thursday, January 31, 2008

Back and Fill or Back and Fall

Today and tomorrow the indexes will begin the process of filling support and or passing through it. SP500 futures 1310, Nq100 1761.5 and DJI 12112 are important areas to build around. Any slightly negative news is over reacted to and any friendly stories are shrugged off. That is the 'wall of worry' needed to be scaled. The bulls have the election year on their side and the bears have the trading skills of bankers as an asset.

Selling pressure in moderate to strong as of this post.