Chop, Chop, Chop
A choppy trade in the S&P futures market
today, with the market at 1190.50. Earlier, locals had pushed this market back
to the 1192.50 pivot area on short covering. But overall, this is a tight
range and a choppy, unproductive, summertime trading day. So be cautious!
As for near-term direction, keep an eye on the Dow
as it seems to be the market to watch today.
Nasdaq is trading at 1624 in the late morning.
While it made it up to 1630, there has not much buying interest above this
area. Overall, the Nasdaq is chopping around in a neutral area. This is a
difficult trade that is locally dominated. Right now, we seem to be held
within Friday afternoon’s range of 1640 to 1620.
Keep an eye on the SOX, which
has ventured into negative territory this morning