Chop and Slop
A sloppy market this morning with a lot of “chopping around,” which is to be expected given the magnitude of yesterday’s move.
S&Ps looking solid this morning around the 1245-1247 level, where we saw a good deal of two-way trade. Trade above 1250 may be a search for buy stops above that level. Otherwise, the Pit is slow with an otherwise lackluster trade.
Lows around 1240 created on some notable institutional selling. Most impressive feature of this market has been the ability to hang onto yesterday’s gains.
NASDAQ trading around 1900. Upside target is yesterday’s recovery highs of 1910-1920. On the downside, we have a zone at 1860-1865 and then 1850.
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