Confusion

The market opened to a confused group of traders across the equity index complex. Sellers dominated the action early, but buyers came in and sent us toward unchanged levels in the SPZ and higher levels in the NDZ.

All eyes and ears are on Florida. Rumors are rampant and only those with steel stomachs or plenty of Maalox should be involved heavily at this time.

As for the trade, the selling excuse used yesterday was due to the election. I don’t necessarily think this holds water. The fact is this: The tech sector is horrendously weak, and while we have bounced off our session lows, it does not mean we are back and off to the races. However, if the NDZ can close above 3150 it will take some of the short-term pressure off.

As for the SPZ, we are looking for volume to get lighter as the session moves forward. The final hour of trading should provide a strong clue for Friday’s trade. Right now, I would say the market is poised to make up some of its losses from yesterday. However, if we settle below 1400 all bets are off.