Market Analysis for Mar 31st, 2005
For today's Mid-Day Minute, Mike writes:
Interesting situation here, don't you think?
Notice that crude oil peaked on Mar. 17th
at 58.16, and declined into yest.'s low at
52.50... BUT, over the same timeframe, the
E-mini June S&P ALSO DECLINED (from around
1200 to Tues. low at 1166.75) !
And BOTH markets have been
rallying for the past day ! Hmm...how much longer can they travel in
tandem? Just a guess- not too much
longer. If oil continues higher- and
hurdles resistance at 56.50, we have
to expect the e-SPM to head south
in a hurry- unless of course, tomorrow's
Employment Report is so WEAK that investors
and fund managers storm into the market
because they are convinced that the Fed
is nearing the END of its rate hike cycle
MJP 03/31/05 1:45 AM ET ($55.70) (1183.50)
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