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Thursday, April 24, 2008 7:02:03 AM
The open is important, giving us a nt. sell signal on the SPX with the support area to watch 1370 SPX, a break there and we will test the 1360 SPX area and watch for a bounce at this area. A break of 1360 for an hour would be a hold short signal indicating a possible refilling of the lower gap.
The QQQQ needs to break the 46.40 area for a nt. sell signal, giving us a tradable short. It's all about what they do with Apple. Apple closed with a near term hold long, barely, so a gap down below 161 area will again leave island people held captive and a tradable short, and the next stop should be 154. That is the line in sand for AAPL.
Both the Nasdaq and the SPX will only be in tradable short levels at the open so reversals should be watched for at the 1370 SPX and expecially the 1360 SPX level and 45.50 level if we should get there. Holding positions over night are risky here, covering half your position is usually prudent.
Good Luck.
Buy 'em when they are crying, sell them when they are yellin'
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