S&P Stuck in a Range
It was exactly 24 hours ago that Maria told her CNBC audience
that Bernanke's comments from the prior Thurs. (a pause in
rates) were misunderstood by the markets. Right now, the e-SPM
is trading at 1316.25/50, which is just about (maybe a touch lower)
than it was trading yesterday at this time. Although today's recovery
was impressive after yest.'s plunge, from my perspective, the
pattern has not changed much (as a result of today's recovery).
The coil remains intact, and the index is stuck between 1320-1322.50 on the high side, and 1307/05 on the low side. Whichever side of the
range is violated first should trigger a significant move in that direction.
And as of this moment, I do NOT have a high confidence projection
for the direction of such a breakout-- and that goes for the SPY and
the SPX as well. With that in mind, I will stand aside and watch for
several more trading hours. MJP 05/02/06 3:25 PM ET (1316.25)
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