The Florida Soap Opera
The Florida Soap Opera known as the election continues to absorb this market’s attention.
S&Ps are at trading at 1372.50. We’ve been stuck in a range most of the morning, with a high of 1375.50 and a recent low of 1369 (low of the day made early was 1365).
The goods news is the market appears to have absorbed the bad news from Motorola, which announced a revenue warning before the market opened.
NASDAQ is basically unchanged, down 5 at 2765. The high was 2813, then dropped to 2754 and has moved roughly sideways since then. Our support remains at 2740, and an upside target is 2845, but that appears rather out of reach at this point.