Looking ahead to next week, we'd expect the calls for profit taking to resume, especially as second quarter earnings season winds down, but there's just as good a chance that the equity markets just keep going. There will be even fewer bellwether names reporting to drive the market, but there will be some key pieces of economic data, culminating with Nonfarm Payrolls and the Unemployment Rate on Friday, August 7.
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We have resistance at 1007 (the high from 04/11/08) and the further one at 1050 from the high 14/10/08. The possible range for next week is quite wide in a span of 950-1050, but you can see from 5 minute chart that for the past few days the market has been trading in upward channel. I still think that market has gone up too fast so will probably lose the momentum and start to consolidate around 1010 area. If it goes that up i will look to sell AUG 09 1025/1050 CALL spread @ minumum $9
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