OK, it's going to be one of those nights where I just blew it in blogland. It's nearly midnight, and I still haven't done a "real" post for the day. Grumble……
It's by no means a sure thing, but I think there's a decent change of a strong up day on Thursday; if the GDP fits the "not so horrible" category, we could "launch" another Fibonacci level higher. Now, looking at NQ and ES at this very moment, ES looks vulnerable and NQ looks like a launch candidate. Of course, these two are going to move the same direction once the GDP is announced, so I'm flat on both, since there's simply no clarity right now.
In spite of the Dow being in the eight-thousands, there are still good shorting opportunities, if you are so inclined. Here are a few graphs that represent good bearish configurations (and there are plenty of others).
The most bullish zone I see right now is in the realm of energy.This crude oil graph looks ready to bounce much higher. The high 70s is virtually a foregone conclusion, and $95 is a better-than-average possibility. I'm going to hang on to my bevy of energy longs for a while.
That's going to be it for me for now. I'll be back in front of the screen in a few hours.
