Monday, March 21, 2011

3/21 pre-open

Slow progress by TEPCO, but the market anticipates that they will turn it around.  I1 peaks on Friday and I'm taking it slow on the final leg up.  Stock futures are coming back up to their 50-day M/As (1300 in the SP futures) and approaching their wave 1 lows.  DJ futures wave 1 is at 11,964, vs. 11942 currently.

Cash behavior means more to me than the futures, so the DJI cash wave 1 low at 11,984 and the envelope of critical resistance at 11,987.  The DJI 50-day is also at around this level so it is key resistance. 

I'll post responses to the comments for the Weekly later today.

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