Futures Pointing to a Flat Opening as BIDU Gaps Down...

9:52 am ET - beginning to see a small rally as SPY up 30 cents...JPM up 41 cents...CAT up 33 cents...DE up 16 cents... 9:40 am ET - BIDU opens at 355.71 and rallys up to 370...SPY up 4 cents...XLE up 27 cents... BMO – ES -0.75 and NQ -3.75 futures are mixed in pre-market trading pointing to a flat to open. AAPL -0.75, AMZN -1.30, GOOG -3.21 and BIDU -84.08 are lower in pre-market trading The Euro is up 12 pips in overnight trading and oil is up 19 cents in electronic trading. XLE is up 36 cents in pre-market trading. BIDU you heard me speak about price for perfection and any disappointment leading to a major drop in price. RIMM was a recent example of this concept. I mentioned in Monday night’s post about BIDU lower Q4 guidance…this morning the stock is down over $84…now that is an example of the market saying they don’t like the negative surprise. Since BIDU is approximately 0.5% weighting in the NDX, the QQQQ is down only 3 cents in pre-market trading. The QQQQ price is an example of diversification offsetting a gap down. SPX Support = 1,061…1,056…1,044 Resistance = 1,075…1,100 Trading Down: MOS, BIDU, AAPL, GOOG Trading Up: BUCY, PCLN, MRVL, WLT Look at these Charts… (click image to enlarge) At the Open on Tuesday SPY – QQQQ – XLE – POT – AAPL – AMZN – PCLN – MRVL – SNDK – HANS – WYNN – FSLR – GOOG – BIDU – FAS – ZION – ADSK – ADBE – MA – ISRG – NKE – BDK – CAT – DOW – WLT – PCP – PWRD – FUQI – WHR – JOYG – BUCY – CAM – FCX – FLIR –