Tuesday, May 22, 2007

May 22 PreMarket




Well, in the last 2 days ER2 has caught up to YM in terms of percentage gains for the past week, and IWM is at it's 52 week high. I have a bullish bias on ER2 going into today and will be looking for long signals. I will pay less attention to the divergence between ER2 and YM because trading off the diveregences between the indices doesn't work like it use to. I will be looking to see if there is strength in SMH and XLF today, which will help ER2 and ES make new highs for the year. Only add to winners and cut the losers. There is no real news out today except for the Richmond Fed index at 10am EST and Paulson speaking at 9:15am EST, so today should be a fairly straight forward day.

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