Session Highs
S&Ps traded higher to test the session high of 1136.50, which also prompted some short-covering. But once again, we are in the quiet mid-day trade.
Earlier, S&Ps were under some pressure due to weakness in the Nasdaq. When locals pressed the short side, the S&P put in a low print at 1131.50.
Do not look for any dramatic moves — barring a news event — from this market in the early afternoon.
Nasdaq traded up to 1585 on a recent recovery high. But trade remains quiet and most likely will be uneventful over the lunch period.
Earlier, we had difficulty sustaining any trade above 1580 on a move lower in the semiconductors.