Both the NYSE and NASDAQ exchanges will delay their openings until 11:00 AM EST in honor of victims and heroes of the September 11 tragedies in what many traders see as a rather somber trading session.
Yesterday afternoon, the S&P 500 futures closed at a memorable 911.00 and are building gains ahead of the delayed open as S&P futures (sp02u) are up 7.3 points to 918.30 and NASDAQ futures are up 14.00 at 965.50.
Fair value for the S&P 500 today is $0.10. That price will not change during the session. HL Camp & Company has their computers set for program buying at $1.62 and set for program selling at $-1.72. Fair value for the NASDAQ-100 today is $0.90.
On September 11, 2001, just prior to the terrorist attacks, S&P futures were gaining approximately 4.8 points to 1,101.50, roughly 8 points above fair value and NASDAQ futures were adding 14 points to 1,384, about 16.5 points above fair value.
It was a morning I will never forget and like me, most traders and investors are perhaps filled with emotions of sorrow combined with American pride.
American pride.... not just pride. It has a "ring" to it and seems to take on special context. A pride that perceivers and overcomes uncertainty and difficult times. A pride that reaches out to help others in times of need, one that is filled with compassion.
We will not forget those victims and heroes that lost their lives on September 11, 2001.
Foreign markets traded higher
Major market averages overseas posted gains for the most part with marginal weakness found in Hong Kong's Hang Seng, which fell 3.4 points (-0.03%) to 9,882. Japan's Nikkei 225 rose for the third session in a row gaining 90 points (+0.98%) to 9,400.
In Europe, France's CAC 40 gained 74 points (+2.26%) to 3,374, Germany's DAX rose 85 points (+2.45%) to 3,580 and the United Kingdom's FTSE 100 traded up 44.9 points (+1.08%) to 4,220.