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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Cynic 2005 who wrote (5060)9/2/1998 6:03:00 PM
From: Joseph G.  Read Replies (2) of 86076
 
<<However, one floor trader said, ''It was a somewhat anemic move, not extraordinary buying.'' Volume remained extremely light on the upticks and the contract reached 1,015 before buying eased off.

Traders pegged more near-term resistance from about 1,017 to 1,020. However, the contract appeared to be searching for some direction most of the session with a lack of international developments or major U.S. economic data to digest.

The contract failed to retest the session high and began to slip back in afternoon trade on moderate selling of a few hundred contracts each by a handful of houses, traders said.

A couple of other houses sold another 200 or so contracts each to push September S&Ps lower briefly. That move lacked momentum and the contract turned back higher for a period before setting the session low in the last half-hour.>>
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