Now that we've got our 50 points, what are we going to do with it? Wait and see what the Fed does in June looks to be what traders are thinking. The markets are moving higher, but I wouldn't exactly call it irrational exuberance. The Dow and the Nasdaq are both up 31. Wow!
Dow and Nasdaq Composite 60-Minute Charts
The Nasdaq Composite is going to close woefully short of 2,200, and will be lucky to get above the 50-pma. The Dow has managed to get above its 50 period moving average, but should come up shy of 11,000. Perhaps Applied Materials (NASD:AMAT) or Ciena's (NASD:CIEN)earnings announcements can jumpstart this market one direction or another over the next two days.
Market Volatility Index 60-Minute Chart
The Market Volatility Index (VIX.X) pretty much shows the lack of activity. For the better part of May, the VIX has stuck between 29 and 26.50. The falling 50 and 200-pmas are trying to force the market into buying some calls, but the VIX remains content stuck in its range.