Tuesday, November 3, 2009

Futures Point to a Lower Open...

BMO – ES -7.75 and NQ -8 futures are slightly higher in pre-market trading pointing to a slightly higher open. AAPL -1.49, AMZN -0.84, GOOG -2.08 and BIDU -3.45 are higher in pre-market trading The Euro is down 120 pips in overnight trading and the dollar is stronger as stock futures are lower. Oil is down 53 cents in electronic trading and XLE is down 55 cents in pre-market trading. The short term trend is pulling back in a bull flag pattern. Watch to see if Momentum moves above SPX 1,044 for bounce confirmation. If the SPX does not get and stay above 1,044 look for it to move to 1,025 for a potential bounce at that area. SPX Support = 1,025 Resistance = 1,044…1,056…1,061 Trading Down: FSLR, FAS, POT, FCX Trading Up: MA, BDK, SWK, FAZ Watch earnings reaction this morning on: AMT, ADM, CTSH, EXPD, ICE, MRO, MA, MHS Look at these Charts… (click image to enlarge) At the Open on Tuesday SPY – QQQQ – XLE – ATW – V – AAPL – AMZN – BUCY – SNDK – CREE – DECK – NFLX – NKE – FCX – JOYG – CAT – POT – ADSK – BDK – WLT – WHR – ACN – HANS – ISRG – FAS – PNC – AKAM – ORLY – SYMC – PCLN –

3 comments:

Leslie Millsaps said...

Hi Dave -
Been kind of quiet lately as I wait to see what the market is going to do next - but must ask given today's BDK surprise - had you any indication of a possible merger back several months ago when many of us looked at the Jan 50? Or do we still give all the credit to those incredible technicals? Have to like it either way.

thanks for sharing the benefit of your knowledge and expertise,
Leslie

Anonymous said...

Hi Dave,
BDK hit 60 today. You can't see the future, but your book of charts is better than any astrologers! Thanks for your constant, consistent guidance. How fortunate are we to have you as our mentor.
Karla Rosen

Leslie M said...

Wow would you look at those nice bullish engulfing candles! SPY closed above 1044 too. I love it when a plan comes together. Interesting day in the market.