Confusion
S&Ps are in a confusing trade, moving lower on San Francisco airport security concerns, then bouncing higher on comments by Tyco’s CEO. S&Ps have moved back to 1088 after breaking considerably below the psychologically important 1100 level.
Earlier, strong selling and a lack of interest in equity buying pushed the market down to a new low at 1082.
Nasdaq futures bounced back to 1500 on some semiconductor buying interest after trading down to 1488. This has been a volatile session for Nasdaq, which traded as high as 1519, and then broke to the 1503 area on the San Francisco airport news.
The low print of 1484 followed some panic-type selling. More importantly, the market this morning broke through the January low at 1503.
Expect more news-related volatility in the market today, as well as the FOMC announcement at 1:15 p.m. Central.