10/6/2010 premarket | Bulls on Wall Street

10/6/2010 premarket

 
 
Morning folks. futures a mixed bag as worse than expected payroll numbers have tempered the mood. We are still falt though.  Overseas markets were strong led by Japan almost up 2%.  Crude oil is holding stead at 82.00.  Lets be mindful that this range for crude over the last 6 months has been the top and has typically been accompanied by a big sharp drop right back to 70.  so please dont let me hear the “why did NEP drop 25%”  Well it would if crude oil goes back to 70 so always trade arund your longterm positions or just ride it and take the lumps.
 
 
the only data today is at 10:30 the weekly inventory numbers for oil
 
the bad numbers are probably a good thing today as it will give us a chance to retest this big 1150 level to see if its strong.  It also will lessen expectations for Fridays numbers. So if and probably when that number bombs it will be no big deal as today we got a taste of waht it could look like.
 
 
remember that spx 1150 level. Most traders are gonna have their stops put right under there. So beware of that mechanism.  If that gets triggered a quick drop to 1132-1131 zone is in the cards.
 
Upside target for now is 1175
 
 

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