A large gap-down open on Tuesday kept NQ inside prior day range most of the day, with a small breakout above prior day high near the close.
For Wednesday, key level to watch is 2730.
- Above 2730 implies it is in a breakout mode, and could trigger another short-covering rally day, likely target 2745-2750.
- Below 2730 it is likely going into a pullback/consolidation mode, downside target 2710-2715.
Portugal may need a Plan B.
It is now Portugal's turn to be in the limelight. Portugal 5-year bond yield is stuck around 16%, where Greek bond traded in April 2011 when euro-zone politician started to insists that private investors should take losses.
