Thursday, September 24, 2009

Morning Briefing for September 24th: Broad Range

Here we see the ES futures, which moved lower overnight on weak numbers out of Germany, only to hold support at the 1052/1053 area and bounce higher. That sets us up in a broad trading range. Oil continues weak on the day, which could continue to weigh on stocks via energy and materials shares. Rates are down to 3.411% on the 10-year Treasury note; the U.S. dollar is well off highs from late yesterday. I'm not inclined to be aggressive in the middle of the multiday range; let's see how stocks trade as we test one of the range extremes. I'll be updating market action via Twitter (follow here) during the day.