Friday, June 05, 2009
Premarket Briefing: Hovering at the Highs
While S&P 500 stock index futures (ES) are hovering near their bull highs (top chart), NASDAQ 100 futures (NQ; bottom chart)--as well as small caps--have already gotten there. We're also standing at highs in the advance-decline line specific to NYSE common stocks. With the market showing resilience holding above the early May highs, I expect to see us make a run for new highs today--unless the employment numbers provide quite a disappointment.
Meanwhile, six of the last ten trading sessions, the S&P 500 Index (SPY) has shown a day session high-low range of less than 2%. Volatility continues to decline; traders need to take that into account, as market movement is increasingly punctuated by quiet periods of little movement.
I will be on the road today, so intraday tweets and posts will be limited.