Hello, Cisco!
S&Ps traded to a new session high at 1084 on the strength of the Cisco news. As we stated in our Morning meeting, we see 1084 to 1088 as an extremely difficult area for the market to move through. However, with the amount of short covering and the strength of the rally, there should be some potential for a move higher later in the day — particularly if this market can find a base midday above 1080.
Nasdaq traded to a new high at 1260, more than 100 points higher on the session in a stunning move. As we stated, this will is an order-driven market. What we will likely see is a quieting down of the market during the lunch time, but there remains the possibility of a further move this afternoon.
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