On The Sidelines
We’re on the sidelines at the moment after spending a grand total of 15 minutes in the Pit this morning. That’s how long it took for me to realize that there was trading on both sides of the market, and that we would likely be range-bound today.
Currently, we’re at 1352, with a high of the session thus far of 1358 and a low of 1348.50 — a 10.00 point range for the day.
S&Ps have received a helping hand from the Dow, with IBM up on strong earnings rumors.
At this moment, there is light activity in the Pit, which is sparsely populated.
For this market to gain momentum to the upside, we need to get above 1358 and stay above it. Major support is between 1345 and 1348.
Overall, keep it close to the vest. This market is digesting a lot of news.
NASDAQ is up on the day, with good performance in the second tiers.