On a day that combines a Double-witching option expiration, continued Latin American woes, and Clintons interrogation, its interesting thata mysterious futures buyer pushed up the overnight S&P 500 futures more than a dozen points early in the morning. Maybe its Alice Rivlin from the Federal
S&P 500 futuresShort term: The March futures [SPH9>SPH9] are in the buy zone (1240 or lower). Because volatility has increased to October 1998 levels, its necessary to use wider stops (no closer than 1205) or trade smaller positions to avoid getting stopped out of the market amid all the noise.Long
Look for short-term move in T-bonds on Monday.
After a wild Monday, which saw the market up big, then down big, the bottom line is that the market finished lower for the third day in a row. The high volume tells me the institutions were out in force, which should make for interesting trading action in the coming days.
What Wednesdays Action TellsYouKevins Thursday article here Thurs. 4/1 Friday 4/2 Monday 4/5 Tues. 4/6 Wed. 4/7 Index SPX