Buyers, Please Report To The S&P Pit. Buyers?

Apple computer? Who cares. That was the initial reaction to our lower open in the SPZ pit. However, it soon became apparent how much the dealers cared as selling was found on every attempted rally. Still, if you would have told me that Hewlett-Packard
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would be off 9, and IBM
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would be off 6 along with new recent lows in Microsoft
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and Intel
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, I would have said the SPZ’s would be trading around 1450. The fact that we are not, leads me to believe the bulls are still nibbling in the market.

As for the rest of the day, we will close at 3:05 CST in the SPZ and NDZ pit and settle at fair value due to the end of the quarter. Ahead of this, I expect much institutional positioning without any major moves. I think if we trade towards the 1459-1461 level, the market represents a buying opportunity for a move toward 1500 next week. I would be wrong if we traded below my support zone between 1456 and 1451.