Tuesday, June 28, 2011

At This Early Hour Futures Point to a Flat Opening...

Dave will teach in the Basic Options Trading room this morning, Tuesday at 9 am EDT a half hour before the market open for those that have been requesting to hear him teach a Basic Options trading room...


BMO – ES -1.00 and NQ -1.00 futures are near even about 90 minutes before the open in pre-market trading and point to a flat open on Tuesday…at this hour volume is light for pre-market with slightly more stocks quoting up than down…Financial stocks, XLF is quoting down 6 cents on 3,400 volume in pre-market…

NKE is gapping up in the pre-market following earnings…ACN is also gapping up…

TLT is down 11 cents and the Euro is down 16 pips in premarket trading …

NDX leaders AAPL, AMZN, BIDU and GOOG are quoting lower on light volume in pre-market trading…PCLN is flat and NFLX and QCOM are higher…

Dave’s Insight for Tuesday:  following Monday’s broad rally, pre-market is looking like a pause start to see if buyers will follow through for a second day…watch price in relationship to Monday’s S1 which is short term support on many stocks…earnings season starts in two weeks …follow your rules, take trades accordingly … Continue to watch XLF as a key factor for a support bounce to happen

SPX
Resistance: 1,278, 1,288, 1,300
Support: 1,267, 1,257, 1,244

Quoting DownHLF, A, FFIV, URE, FFIV, AMZN, GRMN, SRCL, GOOG, AAPL, SHLD, BIDU, VOD, CELG, CHKP

Quoting UpNKE, ACN, CMG, UCO, NETL, FWLT, TIF, VMW, SLW, CRM, V, SOHU, ILMN, NFLX, BMC, WYNN, BIIB

3 comments:

TraderBobb said...

Thanks Dave:

Anonymous said...

Dave,

Why is the stock market up 100+ points, but the financials are lagging. In fact JPM, GS, and BAC are all down. Is that a sign that this is somewhat of an oversold rally or deadcat bounce?

Thanks,
Billy D.

bobbypin said...

It is a pleasure to be able to follow you multiple times this week in the Trading Rooms. Thanks for your mentoring. We appreciate it.

Bob Pinnow