You Could Hear A Pin…
Well, perhaps you couldn’t hear a pin drop in the pit at the moment, but in a quiet trade like the one we have right now, there is a definite lack of noise and activity.
S&P futures held its recent low at 1218.50 and bounced back above 1220. The trade is quick and whippy in the range between 1224.50 and 1218.50. Action is dominated by Locals right now.
Equally quiet in the NASDAQ pit. NASDAQ futures were unable to sustain trading above 1800, but also didn’t break down. Traded to a recent low of 1783 before bouncing back to 1800.
Overall, in this kind of a quiet trade, we advocate taking a very cautious approach. .