Light And Nervous
It’s column time, so that
means we must be testing intraday lows
and the Qs are indeed testing key hourly support established on Friday due in
part to a late morning FBI warning of a bomb threat which has led to the closing
of banks in Washington, D.C. Morning trade and liquidity has thus far been light
and nervous, as evidenced by the “whippy” reaction to the FBI news
which has resulted in a rather awkward pace. The Nasdaq has thus far been the
stronger of the markets, with the Qs having peaked just shy of $34.00 on the
early follow through to Friday’s action, and time (and news) will now tell as to
whether or not we’ll have our first follow though day in weeks.
News aside, I’m carefully watching whether or not the Naz can hold its Friday
hourly support, which is being tested at midday, along with the support angle to
provide clues to gauge the afternoon trade. Keep in mind we’re in the midst of
earnings season, with Intel
(
INTC |
Quote |
Chart |
News |
PowerRating)
scheduled to report tomorrow after close, which may keep more than a few traders
on the sidelines.
Monday April 15,
2002Â 12:00 P.M. ET
Good Trading!