Florida Watch

As soon as the Supreme Court began hearing oral arguments in this latest round of election-litigation drama, the Pit began to thin out.

Currently, S&Ps are trading at 1406, with a high of 1408.50 and a low of 1384. Seems like a replay of Friday when we traded steadily higher. But, of course, that was followed by a sharp sell-off.

The tone, thus far today, is much firmer. Merrill Lynch offered size in the Pit around 1391. That level has since become a key support level for this market.

In the late morning, attemps by Locals to drive the price down have been met by Institutional buying. Above today’s intraday high at 1408.50, we have an objective at 1413.50.

At mid-day, we’re in full-scale Court-watch. This market remains jittery and reactive to news.

NASDAQ meanwhile has also traded higher, currently at 3014, rising above the key 300 level. Earlier it bounced off a key support area at 2935-2920. If NASDAQ were to move below 2920, that would suggest a trade back to 2900 and a retest of the low at 2895. Currently, a very quiet Pit trade.