Wild!
A volatile trade in the stock index futures today, in a market that has responded to Greenspan testimony on the economy and various news that has rocked this market.
At mid-day, S&P futures have seen huge buying up to 917.50. It has been a wide trade bewteen 910 and 919. We expect more spikes in either direction in thismraket.
Earlier, S&Ps rallied up to 919, putting in a session high at that time, and then sold off sharply. This is a wild market, very volatile, and very prone to news-reaction and rumors. As we stated in the Morning Meeting, the real key for the upside will be if this market could get above 945 with a sustained trade.
Nasdaq has come under some quick selling pressure at mid-day. We expect more volatility in this trade. Earlier, we saw a huge rally in Tech issues as the Nasdaq futures traded to new highs on the day at 1049. If we could return to that level with a sustained trade, we’d target 1055, then 1060 and 1075.