The Drifters
The market is drifting a bit after a flurry of buying this morning.
Currently, the market is at 1236.80, off the high of 1240. Locals are on both sides of the trade. S&Ps could make a move above 1240, but that may take some time and may not occur until after the lunch. On the downside, watch what happens below the 1235 level and then the 1228-1226 area.
Earlier, the market made an impressive run up on large-scale buying from brokerage firms.
NASDAQ is trading at 1739, just above a band between 1720 and 1735. Very, very quiet in the market this morning.
Earlier, NASDAQ traded to 1715, then bounced quickly to the 1738-resistance area.