Green-Speak
S&Ps are trading at 1128.70 and in a very tight range following testimony by Greenspan on the economy. Very little interest in the trade at the moment. We do not see this changing until this afternoon.
Earlier we saw locals pressing the market below the 1130 area for the first time since early in the session. We see the area of 1130 to 1128 as scale-down support. As we stated in the Morning Meeting, the market needs to stay above 1125 to keep an overall bullish tone.
Nasdaq traded at 1412 on a new low for the day in Intel
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PowerRating). We see critical support under this at 1408-1406. Below this, the target would become 1395. On the upside, we saw a choppy trade between 1412 and 1430 earlier in the day.
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