Boring Morning Blues
A range-bound session so far this morning is doing little to excite the SPZ pit. One thing that everyone is paying attention to is the bounce happening in the NDZ and the J.P. Morgan
(
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PowerRating) buyout rumors which have supported the DJIA.
This morning’s trade has produced little activity from the dealer community, as we are seemingly stuck in a range. Still, it is worth noting that there has been significant support on the way down under the 1513 level. For the afternoon, I would look for this market to break out of the range in a significant way. My dilemma is that I am not sure as to what direction. Therefore, I will be on the sidelines unless we trade above 1525 or below 1510, at which point I will go with the momentum. On the upside, above 1525 look for 1533-1536. On the downside, look for 1498 to trade if we get below the 1510 zone.