Feels Like Summer…
The calendar says May 1, but the feeling in the trading pit is definitely one of a summer day.
Currently we’re at 1252.50, after setting a new session high of 1257.50. Very quiet in the pit as we ground higher from the lows, led by the Dow and the Banking Index.
But we’re in a very tight range, with no volatility to speak of. If you’re going to participate in this trade, be aware that the action should be very choppy — particularly at mid-day.
Earlier, we set new session and weekly lows at 1248, but it took a lot of effort by the Locals to get it there. The overall feature of this market is a lack of volatility.
It’s also very quiet in NASDAQ futures today. We traded to the upper 1860s in the mid-morning. But since then it’s been very quiet. Volatility is disappearing, and this market has a neutral zone between 1870 and 1840.