Quiet At Mid-Day
A very quiet mid-day trade in S&P futures, with the market holding above our 907-906 support area. As we stated in the Morning Meeting, today’s elections and, more importantly, tomorrow’s one-day FOMC meeting will likely lead to a quiet market.
Earlier, S&Ps were able to hold near the highs of the day, but still below yesterday’s openign range of 913 to 915. We would have to see a sustained bid above this zone to get momentum going on the upside.
Nasdaq continues to trade in a solid range between 1050 and 1037. Odd are we will see a very uneventful trade in this market today.