Morning Review - 04/30/08

Had a nice surge in the ES market following the 0830 ET reports. However, the market stayed in a small trading range following the 0930 ET market open.



Both the NYSE Advance - Decline Line and $TICK were giving positive indications; however, the $TRIN was showing large selling volume.




Even thought the ES futures tried to trade higher than yesterday's afternoon high, the sector indicator showed a lower high.

The net result is that the market does not want to trade lower ahead of the FOMC 1415 ET announcement, but there is too much selling pressure this morning to trade the market higher; thus, a small trading range.

Charles