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Wednesday, February 21, 2007

Back to Trading

After a few days of visting relatives and eating chinese new year goodies, I'm back to business, although CNY which last 15 days is only ending on 4 Mar.

The above is a chart of SPX on quotetracker. Overall, I'll term yesterday's intraday action as trending despite the sell-off in first 45 mins of trading and then followed by a strong reversal which lasted throughout the rest of the trading day, with only a mild pullback over lunch time. A choppy day would be one that chop around pivot level, up and down.

You can see here that SPX was supported at daily S2 pivot point @1449.5, where it then reverse direction. SPX closed @1459.68, near R2. As John Carter says it, it is rare for prices to go beyond R2 or S2 to hit R3 or S3

Wed: CPI, FOMC minutes
Notable earnings: OII*, ANF, AEM, ADI, WFMI*, VCLK, ERES, GPI, PAAS, MT

Notable earnings: ESV*, BOOM, CHK, JCP

Notable earnings: LOW

*Big mover stocks for earnings


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