May 5, 2006: b/o

Didn't trade and decided to enjoy a long weekend instead and go over some charts...As mentioned in yesterday's blog entry there were several patterns indicating a push up...surely enough, the market b/oed to the upside especially the Dawg hehe....

Well the new news is that ES broke out of the 1324-25 level which I've been talking about for more than a year now so more upside should be expected. Looking at NQ the picture doesn't look as rosy cuz the action is well below the 1737 critical level. This is the bull/bear level for me on the Naz.



No trades today...one can see though that Gold & Silver are chopping near their highs... Although they've been in an upward trend, I'd start looking for a pullback at this point...

Added the 9ma per CBOT website which I noticed trails trend trades very well... let's see how it works out.