Monday, April 12, 2010

Midday Briefing for April 12th: Slow Range Trade

We're looking at roughly a five-point intraday range in the S&P 500 e-mini (ES) futures, as slow volume contributes to a range trade. Gold, oil, and currencies show a similar mixed picture; in my basket of stocks, 22 are up from their opening prices, 18 are down. So far, the bouts of selling that we've seen have occurred at higher price levels. If that continues, we should be able to make a run at the overnight price highs. I'd like to see us stay above 1193 on any further selling squalls to make that run.