Friday, July 17, 2009
Morning Briefing: A Bit of Resilience
After falling below the overnight lows in pre-opening trade, the S&P 500 e-mini index (ES) has bounced back into that range and the NASDAQ (NQ) index is actually up from yesterday's close. Meanwhile, the U.S. dollar has fallen off its morning highs and we're seeing higher oil prices: themes that have been contributing to stock strength. I will be watching yesterday's high prices closely to gauge whether we can continue the rally, or whether we'll begin a process of consolidation. The NYSE TICK has been a very good tell for market strength the last few days, so I'll be watching that particularly closely.
Meanwhile, this afternoon I'll be participating with Trevor Harnett of Market Delta for the Chicago trading seminar, so intraday tweets and posts will be quite limited. I'll be posting material from the conference--and Trevor will post PowerPoint slides--in the near future.