Tight Range
S&Ps back on the recent low ara between 877.50 and 877, but remain in the range that they’ve been in for much of the day thus far. S&Ps have held the support at 877 on the downside and have not maintained the bid above 882. This needs to change this afternoon.
As we stated in the Morning Meeting, the market opened significantly higher on positive news out of IBM, NOK and SAP. This has overshadowed the negative news out of INTC, which dragged the market down yesterday. It will be interesting to see which “news” the market chooses to pay the most attention to.
Nasdaq futures, meanwhile, tried to get out of their recent range, but have been unable to generate much follow-through.