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NASDAQ futures bid higher

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This morning we're seeing mixed results from the futures market, but NASDAQ futures (ND01M) are bid higher by 17 points. Late yesterday in the hot list I felt that traders might want to hold some four lettered stocks overnight looking for market makers to be backing off their offers this morning and perhaps help subscribers get a little extra band for their buck. S&P futures are currently down fractionally and Dow futures are down 20 points. One thing traders might want to be aware of is the downward trend on the S&P futures chart right at current levels.

S&P 500 (June 01 futures) Chart - last eleven months

Traders should also be keeping an eye on S&P futures. The past two sessions has seen this futures contract do battle with a downward trend put in place from September 1, 2000 to a high on January 31, 2001.

Fair value and buy/sell programs

Fair value for the S&P 500 today is $4.66. That price will not change during the day. Computers are set for program buying at $6.56 and set for selling at $3.26. For more information on fair value and who uses buy/sell programs, please visit www.programtrading.com.

Jeff Bailey
Senior Market Technician

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