Friday, April 16, 2010

Futures Point to a Lower Open on Options Expiration Friday...

9:32 am ET: 
Look at these Charts
(click image to enlarge)













BMO – ES -6.00 and NQ -6.50 futures are flat in pre-market trading pointing to a flat to slightly lower open. AAPL -1.12, AMZN -0.97, GOOG -29.05 and BIDU -5.81 are lower in pre-market trading. INTC is down 13 cents, JPM down 22 cents.


Markets are lower this morning being led by GOOG, ISRG and AMD which are lower after positive earnings. Many stocks are poised to break the low of their high day either Wednesday or Thursday. Look for most stocks to lower.

Apparently GOOG earnings failed to impress.

The SPX formed a spinning top on Thursday and potentially could develop into an evening star pattern if a down day occurs today…look if a penetration of 1,204, the S1 level of Wednesday’s large white candle. Yellow Alert for short term traders.

BAC down 5 cents and GE down 5 cents.

Pre-Market
BAC diluted 28 cents vs. 9 cents estimates
GE 21 cents vs. 16 cents estimates

Key Earnings to Watch:
Friday – BAC, GE

The short term, intermediate term and long term trends are up.

April options expire today.

Trade those charts that meet your rules in the direction of the trend.

The Euro is down 72 pips in overnight trading. Oil is down 97 cents in electronic trading. XLE is down 39 cents in pre-market trading.

SPY is down 57 cents in pre-market trading. XLF is down 7 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.

Follow your rules in any trading actions today. Be logical.

SPX
Support = 1,200, 1,178
Resistance = 1,216, 1,220

Trading Down: PCLN, FAS, GS, FCX, NFLX, CLF, X, UYG, CREE, CHL, USD, USO, AMD, BA, V, DE, WFC, SNDK, BUCY, SPG, CAT
Trading Up: GME, WHR, DECK, FAZ, MOS

At the Open on Thursday
SPY –
QQQQ –
FAS –
X –
ADBE –
BBY –
QCOM –
POT –
CREE –
UAUA –
SNDK –
AAPL –
ALGT –
NFLX –
RIMM –
SHLD –
BUCY –
BA –
DOW –
DE –
FCX –
WHR –
ZION –
GMCR –
AGU –
IPI –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
CLF –

2 comments:

reno bob said...

dave your insight on what to do on this volatile day is most valuable. i sold half of my positions in spy yesterday at the top, i wish i put a conditional order to sell today as the spx broke s 1. the other half they scared me out at the bottom as the spx broke down through 1190 ,wait til next time! thanks again
reno bob

Anonymous said...

2 lucky things for me today. One is that I'm still playing with paper money to learn. Better still, second is "Believe Dave". I read this morning's post, then watched things drop without selling. Moved up stops, but still not selling. Ding ding ding all stops being hit, but lost all week or two earnings in lots of cases. Did I say,... "Believe Dave". THANK YOU, Dave. I believe I learned some big lessons today. jnj