Slipping…

S&Ps are slipping in the late morning, after establishing a tight range for the session thus far.

In the late morning, S&Ps are trading at 1243, just above our key area at 1242.50. If we can stay above 1242.50, we have a good chance of making some headway to the upside. But below 1240, things turn dicey.

NASDAQ headed lower on weakness in the Semiconductors. It’s a slow grinding day. If you’re going to try to daytrade here, remember patience is a virtue.

NASDAQ trading at 1830 after failing around 1850. Things will look better if NASDAQ can get over 1840.

May 1 at 8:00 PM ET
come to
the Intermediate-Term message board! Loren Fleckenstein will be there
to talk to you about the stocks he’s stalking and answer any questions you may
have about intermediate-term trading.