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Market remain halted

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S&P futures (sp02u) 920.70 +1.06% were halted with a 9.7 point gain as the memorial in observance of the September 11, 2001 terrorist attacks continues.

NASDAQ listed stocks have started trading at the scheduled 11:00 AM EST, with tech heavyweights Cisco Systems (NASDAQ:CSCO) $13.70 +1.9%, Microsoft (NASDAQ:MSFT) $50.50 +1.38% and Intel (NASDAQ:INTC) $16.73 +1.45% opening higher. Microsoft (MSFT) and Intel (INTC) are the only two Dow components listed on the NASDAQ.

The NASDAQ-100 Index Tracking Stock (QQQ) $24.21 +2.45%, which comprises only NASDAQ listed stocks shows a strong gain out of the gate. Per last night's Index Traders Wrap, I'm currently monitoring for a short/put entry point on a move higher near the $25 level, perhaps later tomorrow.

The NYSE will not open until 30-minutes after the September 11th ceremony concludes, in order to give traders time to reach their posts after attending the event.

Treasuries are seeing some strong selling this morning as YIELDS are higher across the board. After some buying into the close in the shorter-term 5-year YIELD ($FVX.X), a gap higher in YIELD to 3.167% has been seen. Traders may want to look for a move in this YIELD above the 3.20% as sign of a more robust rally over the next two sessions.

I still feel that a decent rally to the 940 level in the S&P 500 Index (SPX.X) 911.36 +0.19% is achievable into Thursday's close, but am looking for some profit taking under such a rally into the weekend with the recent heightened "Orange" alert yesterday.

Shares of Tyco Intl. (NYSE:TYC) $15.90 are indicating higher at $16.65 after the company announced the appointment of David FitzPatrick to the CFO post. FitzPatrick joins Tyco from United Technologies (NYSE:UTX) $61.21, where he has been Senior Vice President and Chief Financial Officer since 1998.

Earlier this morning, the Mortgage Bankers applications and refinance indices jumped to record highs in the week of September 6. The applications index jumped 17% as the purchase index rose 12% and the refi index rose 19%. The jump in refinancing came as fixed term mortgage rates hold at multi-decade lows.

Jeff Bailey
Senior Market Technician
Option Investor


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