Nov. 10, 2006: Cnsld

The market consolidated the entire day and the indices behaved differently. YM &ES had lower lows while NQ & QB had higher lows going into the latter part of the session. I expected some strength then weakness to take place but the opposite happened. One could've stayed on the sidelines or taking longs based on breadth.

Looking at the patterns I do see some strength and more consolidation taking place as marked on the longer tf charts. Monday mornings are the trickiest along w/Friday afternoons so no trades till the afternoon session. By looking at the Dow chart there's a good possibility for a retracement to the upside but I don't think it'll exceed the recent hi >12200 level.