Fear In The Market
More anthrax-related news hit the market at mid-day with S&Ps trading at 1092.50. Also leading the market lower is the Dow, which hit a new low for the day in the late morning. S&Ps, however, have held the support area between 1090.50 and 1088. On the upside, we have a neutral area up to 1095, and above that, a choppy trade to 1102.50.
Nasdaq trading at 1403, with selling across the board on the anthrax and comments about terrorism. Expect a choppy, nervous trade at least through the lunch break and as the news is sorted out.
On the downside, we have support down to 1398. On the upside, we have resistance at 1414 to 1415.