At the Highs

S&Ps hit new session highs in the mid-morning at 1273.90 as the market has been on a slow grind higher.

S&Ps have been comfortable above 1270, which, of course, was the high of the surprise FOMC rate-cut trade. But resistance has been met be at higher levels up to 1272.50.

NASDAQ also hed at session highs above 1900. But we expect a choppy, difficult trade in the 1900s. Keep an eye on the networking stocks as a clue to what may transpire later today. While quiet, overall things don’t look too bad.

May 1 at 8:00 PM ET
come to
the Intermediate-Term message board! Loren Fleckenstein will be there
to talk to you about the stocks he’s stalking and answer any questions you may
have about intermediate-term trading.