March 3, 2005: "V"

After close analysis:

Market indecisive at this stage. Geez! As if everything in this market is hinging on the employment number tomorrow - this is bordering on sillyness (let the children play!). Nice 6bo off a 2bo around ema in the afternoon. It's obvious the market is making a flag on the daily, so either we go thru 10875 or this is gonna be the top for a very long while. Can't complain: this continues to be a traders' market.

Observation(s) of the day: the semis and nq are still diverging from overall market. Also clear triangle forming on NQ and possible double hump on AB daily- will post in weekly rehab. Today, the market was clearly manipulated and held for tomorrow's number.

Market breadth opened higher than previous day but broke down in the morning only to make a U-turn in the afternoon. I'm watching the 7-bar range on Vold, as it's tight and due for a b/o tomorrow. Add and Addq been yoyoing for few days with more flips than one can count 1-3 (:P).

Futures tanked in the morning and retraced most of the loss by afternoon forming lower highs. AB reversed off it's ema (no wow here, been doing this forever). NQ is the weakest and remains below its ema. ES200R amazing chart broke wedge and formed horizontal channel (pattern can be found on others too) and now in bullish zone.

Indices were mixed. SOX/SMH gave early warning in the morning of a pending breakdown in the market-broke their multi-day wedges and retraced to b/o point in the afternoon but still below emas. Dowg (ahaha) is above its ema (I'm sure it's giving many a heartattack cuz it's flirting with that 10875 level), broke wedge but soon ran up above its ema and now 40 pts. away from that b/o level.

Overall positive day!