We had a decent batch of economic reports this morning (Initial Claims 348k vs 380k consensus; Productivity 8.1% vs 8.5% consensus). Combine that with last night’s action around Cisco’s earnings and I’d expect the market to be gapping up right now. But it’s not. The NASDAQ is looking to open higher by about 10 points but the S&P futures are indicating a slightly down open. I won’t be surprised of the NASDAQ’s gap gets closed real quick today. The market has felt heavy since Monday and it feels especially heavy right now. Either the big money types are on hold, waiting for tomorrow’s unemployment report or the ‘rubber band’ is just stretched to far… or both.
