Good News
The markets have been stronger today — led by NASDAQ — on significant good news, namely an end to the China stalemate and an upgrade of the Semiconductor Sector by Salomon.
But after the strong moves we’ve seen, we wouldn’t be surprised to see the market, at the least, take a breath.
In the late morning, S&Ps are trading at the lows at 1172 after making a high at the open of 1193.50.
That was followed by a fairly choppy trade in the 1170s, a run to 1185, and then back in the 1170s.
NASDAQ had been the strongest of the three major indexes, although currently at the lows of the day around 1650. Earlier, this market traded to a high of 1717, with strength in several of the key tech stocks. But there was a lack of momentum to sustain the trade above the 1700-level.
The Dow is the weakest of the three, in negative territory, but still above 10,000.
Overall, we will probably get a clearer view of market direction in the early afternoon.
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