Zzzzzzz…
A very quiet, uneventful market overall today, although we’ve managed to hold onto some moderate gains.
At 1163.50 for S&P futures, we’re still in positive territory, holding a 1162.50 low print.
The daily range has been extremely tight, so trade accordingly. Remember we expect volatility to pick up ahead of tomorrow’s FOMC meeting and Greenspan’s announcement — which will either please or bitterly disappoint the market.
NASDAQ futures are fairly stable today, which is crucial for this market. Overall, a very quiet trade in NASDAQ. Weakness in Intel is having little, if any, impact on both the Semiconductor Index (SOX) and the overall NASDAQ. Once again, stability in this market is welcome.
The Dow has been notably stronger today after last week’s big drop.