Market commentary for Thursday, March 15, 2007

Wednesday gave us the extreme weakness and strength all in 6 ½ hours. Another day of bigger volume to give us an accumulation day. Green day after we were dead man walking status. We can thank the Nasdaq for hitting support and holding us for a reversal. The S&P 500 and Dow were so much weaker and already through March 5ths lows and on their merry way. The Nasdaq and SOX said OH wait a minute and held us for the reversal.

Gold fell $6.90 to close at $642.50 on the day. Oil fell 23 cents to close at $58.16 on the day. With OPEC meeting Thursday volatility is likely to pick up in oil. They’ll discuss summer demand and quotas in the meeting.

Going into Thursday we can look for this support to hold, second test of the March 5th lows and we held well. The market is working out the subprime lenders jitters and trying to digest that information daily. Bear Sterns reports Thursday morning to round out the brokers this week and big economic data also due out pre market and more throughout the day. It should be a volatile day and I’ll look for early upside and see if the market can sustain the buying.

Friday is quadruple witching, which is usually nice volume day. But quieter range leaving Tuesday, Wednesday and Thursday to have the volatility. Which has held true so far this week and I’m sure Thursday will give us plenty of opportunity to find movement.

Economic Data for the Week of March 12 – 16 Thursday 08:30 PPI, 08:30 Core PPI, 08:30 Initial Claims, 08:30 NY Empire State Index, 09:00 Net Foreign Purchases, 10:30 Nat Gas Inventories, 12:00 Philadelphia Fed, 12:30 Ex Fed Chairman Greenspan will speak, Friday Quadruple Witching Day, 08:30 Consumer Price Index, 09:15 Industrial Production, 10:00 Mich Sentiment Prel.

Some Earnings for the Week: Thursday pre market BSC, NT, TOMO, WGO and after the bell CTIC, PSUN, QTWW, SHFL, SIX, TRLG. Friday pre market ANN, IMAX, JRCC, KIRK.

NDX (Nasdaq 100) closed +20.67 at 1743.15. Support: 1730.67, 1723.26, 1717.99, 1710.97 (3/5 lows). Resistance: 1746.40, 1750.33, 1760.96, 1764.64. Daily chart below

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-- Posted by Teresa on March 14, 2007 at 10:35 pm --

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