What The Market Is Weighting
Stocks staged a recovery after diving at the open, but remained relatively
unchanged at mid-day.
The market continues to weigh the progress made in the first wave of attacks
on Afghanistan along with increased features of retaliatory terrorist attacks on
U.S. soil. Many had speculated that that attacks might prompt a “Gulf
War” style rally, but the market is reflecting that it is very much aware
of the many complexities and challenges faced in the current war that were not
factors a decade ago.
As this report is being written at 12:15 PM ET, the
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staging is pulling back to retrace 50% of the swing from its opening lows.
Technically oriented traders may look for support to take shape at this level.
The Nasdaq
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which were up 3.44% at mid-day. Goldman Sachs had issued favorable comments
about the group. Leaders included Altera
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and Micron
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also higher.
From a technical standpoint, the
markets the dominant short-term trend established from early Friday continues to
be “up.” But there is a great deal of resistance to fight through
owing the longer-term downtrend from mid-May highs.