So the stock market is starting off October in mainly the same manner it handled September, by rising. But this morning’s quick jump higher has run into some resistance. I’ll tell you, this is the real danger of doing these videos: when we started, the Dow was up about 70. When I got back to my desk, the Dow was negative. So, yes, we’re essentially on a one-way street, but that’s not to say there aren’t any potholes, and that not to say it won’t change direction, maybe quickly.
It’s up now, but again, there’s some push back. Part of it is technical resistance: the S&P 500′s intraday high is 1150.30, and that’s a key resistance level. The other is fundamental. We went over the income report. The ISM’s manufacturing index wasn’t so hot either. Sure, it beat “expectations,” but it did slow from a month ago, and the sub-indexes were red flags: new orders fell, inventories rose.