More Thoughts Today

The October 2008 momentum low day is important to us.  Most markets had a big rally that day after making the lows early in the day.  As such the closes for that day have upward indication significance.  For the stock market the QQQQ ETF or the Nasdaq 100 index are the leading edge.  A close above their 10/10/08 close level would require the Nasdaq 100 to close above 1274.49 (1253.12 at the moment) and the QQQQ to close over 31.32 (30.83 at the moment).

The S&P 500 close on that day is not close, 899.22, and will probably act more like a magnet than an indicator.

Since 10/10/08 the gold,silver,t-bond,yen, and dollar have been the few areas that have traded higher. 

12:28 PM CDT