Wednesday, May 09, 2007

End of Week outlook






ZN looks good for a bounce, so I'll be looking for a long setup Thursday and Friday depending on the reactions to eco #'s coming out the next 2 days.

ES looks ready for a pullback, maybe within the next 3 trading days.

SPY options to the upside look like they've hit a wall and it's going to be hard to squeeze any more profits out playing the long side before they expire.

Overall, Long bonds, Short Equities is my bias for the next 2 days.

I think tommorow will be choppy. Normally it is after FOMC day, but we do have some news coming out. Crude and gold have pulled back pretty far this last week. Gold looks stronger as a play for a bounce to the upside. The EURO may be due for a bounce up as well and has been pretty volatile this last week.

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