Market Analysis for Dec 12th, 2003

The stock index futures have been very buoyant today, which is remarkable after the last two-day rally. Keep in mind that on Wednesday the March E-mini hit a low at 1051 1/2, and right now it's trading above 1072. That 1051 , was the pivot point off the prior high, which was the recovery high for the entire contract in the post-March 2003 rally. That had registered 1072.75 in the March E-mini. It's higher in the December contract, where it got up above 1074