Market Analysis for Sep 19th, 2003

Today is a typical Friday, almost a summer Friday in the way the market trades. Of course, it's a quadruple witching Friday as well, which is defined as options and futures contracts expiration for the September period. The quadruple part of it comes in for the individual stock futures, of which there are very few that are actually liquid.

In any event, we've had a fairly interesting day so far, especially in the S&P. It showed slight weakness overnight, and all of a sudden this morning it pivoted like it has on so many days in the past few months. It took off to a marginal new high. By marginal I mean that the December E-Mini S&P had a high yesterday of 1038