Wednesday, March 11, 2009

Pause Day

When a runner runs a marathon, usually they have to take a breather before running another one the next day. Well the markets are no different. Today was a nice breather day as the action started out strong outta the gate with a gap higher then a pullback into the close. This was not bad price action if you ask me. I believe we can still head higher to tag that 741 resistance Thursday or Friday.

Thursday will be interesting because of the jobless claims in the AM and the pending mark to market news. I would expect a big move either way. If I was a betting man, which I am, I would say we go higher to hit 741, or at least attempt to. But keep an eye on Thursday's pivot on the ES which stands at 722.25. If we slip below that in the morning then it might be difficult to avoid a down day.

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