Tuesday, November 24, 2009

Midday Briefing for November 24th: Slow, Range Trade

Stocks (ES futures, above) have settled into a range, as trade has become quite slow. We broke below the 1100 area mentioned this morning, but since have consolidated just above that . Small cap stocks are once again underperforming large caps, and we're seeing weakness in oil; the dollar vs. euro is also range bound. The multi-week range outlined this morning is the important big picture across markets: the break from that range should be significant. I continue to focus on how we trade around that 1100 area as an important tell as to the direction of that break.