What To Watch For Today!

B

BlueStreek

We will open higher based upon some high profile mergers in the Oil & Retail Pharmacy sectors.

1) Watch to see if we hold any of the gains towards the end of the day.

2) Compare this Merger Monday to Merger Monday`s in November which typically would push the dow up 125.00, to judge relative strength of the market at these elevated levels.

3)Market Focus ... Monday - Dec 18, 2006

Another gain in the NAHB-WFC housing market index would boost rising expectations that the worst of the housing slowdown is over.

4) key economic data released Tuesday.

ICSC-UBS Store Sales
7:45 ET
Housing Starts
8:30 ET
Producer Price Index
8:30 ET

5) How does the dollar hold up this week? Does it give back some of its recent gains this week?
 
this is what I would watch out for today:

march07 ES pivot point of 1440
-- if the market trade below this point, the bulls are at bay. A correction is possible.
-- If the market breaks this point, the bulls are still in control. The market will contest R1 at 1442.50.
 
Quote from BlueStreek:

I will also watch the QQQQ`s to see if they break through the Nov. 24 high of 44.86, which I doubt will happen.
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looks like you have already MADE the decision on the market, the same way you did with your "sky is falling" prediction.
 
Quote from AKUMATOTENSHI:

Thursday GDP report will have the most impact on this week trading.

Akuma
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doubt it - these numbers are just final corrections to what everybody already knows (this is their 3rd release)
 
I look for the QQQQ`s to be under 43 in 4 weeks, if they were going to bust through the previous resistance it would have happened last Friday.



Good point about the GDP report, that could really move the market if its a negative number.
 
Quote from BlueStreek:

Good point about the GDP report, that could really move the market if its a negative number. [/B]
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If you mean lower, don't bet on it....we're still in "Goldie Locks" mode here.....bad news is good news, good news is great news.
A low GDP would indicate a likely Fed rate cut.
 
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