Wednesday, November 7, 2007

Opening Comment - 11/7/2007

Globex futures are down sharply so look for an ugly opening.

Depending upon how bearish the tape is about 5 minutes after the open I will look
to fade the open in the 1503-1505 area basis the Cash S&P 500. I don't know if the market
will give the entire gap back but it seems to be a strong trend as of late.

If the tape is extremely bearish on the open and going through the first half an hour then I doubt if I will try and play the gap fill.

If the market does fill its gap then look for sharply lower prices yet again, with the lows of the day violated.

Today could pan out to be a great Day Trading Day!

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