Tag - FCBC

Small-cap stocks opened modestly higher after a see-saw overnight session. At 9:56 a.m. ET, the Russell 2000 (NYSE:IWM) was down 0.26, or 0.04%, at 703.45, as the market trimmed away opening gains in choppy action. Stability in the foreign exchange market, a decent batch of overnight earnings and mild short profit-taking provided mild support for stocks but the market appeared to be searching for a more dynamic directional bias this morning.

The U.S. dollar was up modestly at the beginning of U.S. trading and crude oil was down a couple bucks off Tuesday’s record high, which may have prompted a mild sigh of relief that the moves weren’t immediately extended. Still, the issue of a sluggish economy, coupled with rising food and energy costs, remains a major roadblock for equity market bulls. A USA Today poll said that rising food costs were a “significant” worry for Americans, with 73% of respondents citing higher grocery bills as a concern.

The market has seen quite a bit of daily volatility in recent days, with percentage moves in the 2% or more range every other day for six sessions. If that pattern holds true today, then this will be the “quiet” day on the rollercoaster ride. From a charting standpoint, the Russell has support today near 700, 695 and then a window . . .