Dow Rally Pushes S&Ps Higher
S&Ps making an upward move after a 50-point rally in the Dow. Local traders in the pit were short below 880, pushing the market higher. The key will be the 882-882.50 area, and then 885.
As we said in the Morning Meeting, the market is once again awash in conflicting news, from positive earnings and forward guidance from MSFT to disappointment from Siebel and Checkpoint. It will be interesting to see which news the market pays attention to going forward.
Led by a nice recovery in the Semiconductors, Nasdaq future are retesting the 950 to 952 area. We need a sustained trade above this area for more upside later on.