Bounce?
S&Ps are at 1170.50 in an extremely quiet, mid-day
trade after a bounce off the lows this morning.
The bounce at mid-morning brought this market up
to the 1175 level, which may bode well later on for the upside with a target
possibly as high as 1185. But right now this market is dead quiet.
Earlier, we traded through 1170 into the 1168 area
as sell stops were hit. But after that, we saw the bounce recovery.
Trading has also slowed considerably in Nasdaq,
which has seen a range develop between 1540 and 1552.
Keep an eye on the
Semiconductor Index (SOX), which has been moving higher. On the downside,
however, the first downside target below our range is 1530.