Retest
S&Ps futures retested the 1137-1137.50 area in the late morning. S&Ps need to sustain trading above this area to set up the possibility of an afternoon rally. On the downside, the target is 1132.50.
The market has quieted down substantially after spending much of the mid-morning from 1135 to 1136.80. This followed a very frantic hour and a half this morning.
We expect the lunch time trade to exhibit its typical quietness – barring a news event.
Nasdaq has retraced back to the 1590-area on some recovery in the Semiconductors. We expect a quiet trade over lunch. This afternoon, the obvious targets would be for activity to pick up if we get above 1600 or below 1575.