Fairly Quiet On The Trading Front
A very quiet trade in S&Ps today, currently at 1232.50. Local players are the majority of the market, which is making for some very choppy action.
If you’re going to participate in this trade, you better have patience. Earlier, buying activity was a short-cover rally based on locals.
The current level — 1232.50 — has been strong resistance as it is 50% of yesterday’s range.
NASDAQ is at 1850, with a high of 1875 on the day thus far. Earlier, we ran through 1860 with ease after buy stops above 1855 were triggered.
Strength in the second-tiers have been helping this market. Keep an eye on the Semiconductor Index (SOX).