We finally got a break from our 7-day up-down pattern in the S&P, but we also saw the slowdown we expected. Today was marked by low volume and a straightforward 7-point rise. The range was no wider than that and with the MOC showing buyers matched with sellers, it was clear that the few who had some trading to do got it done and that was pretty much that.
As we said this morning, there are further buy stops up through 1990, so look for opportunities to buy on pullbacks. We remain bullish overall.
HIGH: 1983.20
LOW: 1976.00
LAST: 1982.00 UP 7.1 Handles
TOTAL VOLUME: 1.2mil minis; 2k bigs
MOC: Evenly Paired Off
FOR TOMORROW:
Jobless Claims
PMI Manufacturing Index Flash
New Home Sales
EIA Naural Gas Report
Kansas City Manufacturing Index
2, 5, 7yr Note Announcements
10yr TIP Auction
FED Balance Sheet
Money Supply
It's the same old story, narrow range and low volume…
Facebook Inc (NASDAQ:FB) and QUALCOMM Incorporated (NASDAQ:QCOM) out after the close.