Good Morning Todays Trade

Monday, June 23, 2008

I think we have to prepare ourselves for a move in V (Visa) as the daily chart is beginning to set up into a picture perfect pennant.

Market remains heavy and i do expect short term weakness

Levels today on the S&P are

1314 1st support then 1310

1340 as resistance (strong)


we had a big range on Friday so we can easily trade up into that bar and still stay bearish


Futures indicate a modestly higher start to the trading day. Citigroup is going to lay off 6,500 investment banking employees, or 10% of the group's workforce, according to the Wall Street Journal. In earnings news, Walgreen (WAG) reported that third quarter earnings per share increased to $0.58 per share, but the results fell short of the consensus estimate by a penny. In commodity trading, oil is up 0.9% to $136.51 per barrel, despite Saudi Arabia announcing that it is adding 200,000 barrels in output per day starting in July.