Slow Train A-Comin’
The equity index complex is producing little action this morning as upside probing continues in limited form. The SPH is confined to a 10.50 point range, with most of it on the upside, as we are up 6.00 at 1368. As for the NDH, the trade continues to be led with an upside bias at 2530. We are higher by over 2%.
The big thought for today is
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PowerRating) reporting after the close, and Greenspan testifying next week. Until these issues are completed, and more economic data is seen, I think it is safe to say we will have little volatility and most likely drift in a range between 1350 and 1390 in the SPH.
As for the remainder of today, look for a staircase-rally session. In other words, buy dips of 2.50-4.00 points and look for the next leg to be higher.