10.29.2008

MORNING CHOP


Markets are lower led down by the NAZ and the NDX- the recently crushed RUT seems to be acting best among the major indexes.


Strong sectors- gaming, oil service, metals and ags while emerging markets, semis, brokers and retail lags.


NSYE/NAZ flat internals;

NDX- 35 GREEN;

OEX- 40 GREEN;


VIX- a bit higher at 69.3;


Up and down volume about equal;
GOLD- $765;
Crude- $66.5;
EURO- 1.28;


Typically after big rally days like yesterday the markets tend to chop on the next day and with today being a fed day - well probably even more chop.


And FWIW- 50% retrace on the SPX 1044 high and 840 low gives us about 942 as the next big area of resistance- so sellers may show up near there.

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