Waiting For The Fed
The S&Ps are engaged in a quiet, mid-day trade as the market awaits the announcement from the Fed, which is expected at about 1:15 p.m. Central. Earlier, S&Ps backed off its session highs of 912. Action in the pit this morning – as expected and as highlighted in our Morning Meeting – has been extremely light. Also, as outlined in the Morning Meeting, after the Fed announcement is made, expect three or four gyrations before the market decides upon a direction.
A quiet trade also in the Nasdaq futures. Earlier, this market put in a new session high at 959, above our key resistance levels.