Naz Correction Complete?

November 12, 2001
Dave Landry

Each evening we
focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the
nightly updates of the Futures and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.

After selling off early on, the index futures recovered to close well. The
December Nasdaq 100 futures
(
NDZ1 |
Quote |
Chart |
News |
PowerRating) are especially interesting. They formed
a bullish outside day in what appears to be a handle of a big picture cup and
handle formation. This suggests the correction may be complete here.

Follow Up

December lean hogs
(
LHZ1 |
Quote |
Chart |
News |
PowerRating), mentioned recently, continue to implode. Once
again, if you have profits here, you might want to lock in a piece.