3/12/08
Selling on Rallies are what have been happening this year. After Dow has successfully shooting thru 12200 til 12300(resistance point if using 60 mins chart), traders are selling off/taking profit that Dow close at 12110. The 12000 mark is somehow important to watch for ongoing bulls since it does have technical meaning as well as psychological round number for Dow index. What bulls hope is market need to build higher highs & higher lows & keep the rolling up above 12300 level for coming days despite bad retail number & CPI data.
On the downside, watch out the USD/JPY now trade at 101.51(4:30pm central time). If the currency pair breakdown the 101.40 once Tokyo start trading(7:00pm central time), it surely will give pressure to the opening of DOW tomorrow(EUR just make fresh new highs this morning). Let see how market behave with the retail number & USD/JPY curreny pair doing tomorrow.
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