Intraday market notes & observations – May 17

2:45pm ET:  Why would a company that’s sitting on $35B in cash issue bonds? Wouldn’t happen, you say?  But that’s exactly what Google (GOOG) is doing.  On the surface, this action is a head-scratcher but this article shows why it’s actually a very astute business move. An interesting read with a possible trade.

12:55pm ET: Intraday support/resistance:
SPX 1317.5/1332.5
DTX 529/537
DJIA 12350/12550
Nasdaq 2751.5/2783.5
OEX 584/591
VIX 17.25/19.25
Trin range: 0.7 – 1.5
Average VWAPs: +31/-69 (mild-moderately bearish)

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