Opening Play and Charts – Friday March 7

March 06, 2014

3-6-2014 11-32-35 PM

 

ECB meeting did not disappoint.   Only the indexes stayed in a  narrow contained range, continuing to consolidate  Tuesday’s torrid move.  Fridays tend to be the narrowest range of the week.  However, with two  back to back narrow range  days in indexes, let’s hope they can pick up a bit.  If they do, look for leadership from the DOW which still has the most visible magnet to the upside.  IBM looks fine and it is one of the top 3 weightings in the DOW.  Gold is in play and so is  silver for upside follow through.  Many markets such as the EC  and AD that had large range expansion can do typical Z day rotation or consolidation to the hourly EMAs,  etc.  The Yen had a good downside  break –  any morning rally  can find resistance at the 120 minute EMA – likewise for bonds and tens. Nat gas – 8 day coil has formed.  Will a breakout  attempt  get legs?  Or prove to be another bull or bear trap?

Everyone have a great weekend!    Linda