3. Technicals Look Bad
4/3/2009 11:42 AM EDT
In addition to my disbelief of the latest rally from a fundamental point of view -- I referred to it as a "sugar high" on Columnist Conversation yesterday -- we can now add some technical indicators upon which I have relied for many years.
4. Morning TradeBob Byrne
4/3/2009 9:26 AM EDT With the jobs report out of the way, we can now begin fretting over earnings. Unless companies come out with some very positive results (or at least favorable forecasts), like Research In Motion (RIMM), we may be setting ourselves up for a sell-the-news situation throughout earnings season. If the bulls want to continue to torture the bears, they need to push the emini back above strong resistance at 833 and target moderate resistance at 838.50. A sustained trade above 838.50 and only moderate resistance at 845 contains this market from running to 855. A market surge to (strong resistance) 855 would entice shorts to re-enter this market. ... I am not betting on this type of surge, though.
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