Help From The Dow
S&P futures made a high print at 1082.80, reflecting continued buying strength in the Dow Jones, which also made a new high for the day. As we stated in the Morning meeting, we felt that the 1084-1088 area should contain the upside today. We expect a good, two-sided trade in this zone.
Nasdaq is trading at 1287, but has been unable to sustain a trade above 1290. At midday the trading pit is extremely quiet, with few traders willing to get involved on either side of the market at ths level.
Earlier, we put in a new high at 1298 on some aggressive short covering. Only a trade below 1280 would put the rally into question.
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