BMO – ES +14 and NQ +24 futures are higher in pre-market trading pointing to a higher open, in large part due to the strong earnings and Q4 guidance from INTC after the close on Tuesday. INTC is up 87 cents or 4.2% in pre-market trading. AAPL +2.18, GOOG +6.89 and BIDU +8.00 are up strong in pre-market trading.
Expect to see a lot of charts with breakout signals this morning...
The SPX will break the 1,075 resistance area this morning. When price breaks resistance the most probably place for it to go is to the next resistance level, so look for the SPX to rise to the 1,100 area.
The Euro is up again overnight as the dollar weakened and oil price is up 75 cents in electronic trading. XLE is up 42 cents in pre-market trading.
Wednesday’s Key Earnings: GS, JPM, XLNX, C
Quiz of the Day: A few weeks ago I shared a SPX price target by the end of January. What is that SPX price target for the end of January? Post your answer in comments…
SPX
Support = 1,061…1,056
Resistance = 1,075…1,100…1,125
Look at these Charts…
(click image to enlarge)
At the Open on Wednesday
SPY –
QQQQ –
XLE –
AAPL –
PCLN –
HANS –
WYNN –
FSLR –
BIDU –
GOOG –
HOLX –
FAS –
AXP –
BAC –
STT –
ZION –
ADBE –
AKAM –
FLIR –
MA –
V –
JCI –
ISRG –
NKE –
BDK –
CAT –
DOW –
WLT –
FUQI –
FWLT –
WHR –
JOYG –
CAM –
FCX –
ARO –
LVS –
AA –
USD –
At the Open on Wednesday
SPY –
QQQQ –
XLE –
AAPL –
PCLN –
HANS –
WYNN –
FSLR –
BIDU –
GOOG –
HOLX –
FAS –
AXP –
BAC –
STT –
ZION –
ADBE –
AKAM –
FLIR –
MA –
V –
JCI –
ISRG –
NKE –
BDK –
CAT –
DOW –
WLT –
FUQI –
FWLT –
WHR –
JOYG –
CAM –
FCX –
ARO –
LVS –
AA –
USD –
18 comments:
Dave you have a target of 1234.
Danette and Noel LeBlanc
Agreed with the previous poster - 1,234
1234 for me. It's about an hour before the market opens and I feel grateful to be a part of Dave's group with everyone. I have 95% of positions on to the upside and 5% to the downside. A year ago, I would not have had the confidence to stay long this far, and my I'ts Gotta Come Down" fear would have raised it's ugly head. Even now I still get the fear (though less and less) but don't act on it. My question is this: Wondering how to play this first hour. Is it the time to put on even More new postions to the upside on indices etc. or could it be like many huge up days before, where we make most of the move up in the first few mins. - hour and just sit there for the next few days?
I'll do what my rules say, but any comments from you all of this? Thanks.
Clearly it was 1,234 as you stated at the time you had not shared it pubicly before that announcement and then later noted that the numbers were sequential.
Oh good to know that memory serves! Wanted to just put it down without double checking, and it is indeed 1234. It's actually been more than a few weeks that you've been saying this isn't it Dave? I remember hearing your comment to this effect maybe 6 or 8 weeks ago in either a Friday market wrap or an Active Investor Talk. The technicals in the market are like the guidance lights on the runway. And the trend is your friend!
Leslie
August 24 Blog - the target was 1325.
Hi Dave, I concur with the others. Your price target is 1234. What a day today will be!!
Christy Gibas
Correction, August 24 ATA Capstone Session, the target was 1325.
It was 1234 Dave...
1225
The day you declared a bull market, Sept 14, you predicted SPX at 1225 in four and half months, i.e., end of January.
Connie S
I had written down Dave's target for jan 2010 as 1225, but I'll take 1234. Yeah baby!
Good morning, Dave!
My answer to your question; 'what is that SPX price target for the end of January?' is: Twelve Thirty Four!
Laney
Dave,
Looks like our Jan target is 1200 SPX. I let emotions get in the way of my MS Oct Call yesterday,entered a hard stop and was stopped out. The stories you tell of the lady that was right 70% of the time and the students that let emotions get in the way really hit home. I had a plan and I didn't stick with it. I'm sure it's my inexperience or maybe my frustration with "being wrong"(when I'm really right?, due to some downgrade (GS). But I really have and continue to learn from you and I appreciate all you do for your students.
Thanks,
Gary
1234 via Nate da Naked Investor!
Dave I have 1300 /Jan 24 2010 said during an ATA on Aug 24. Also I still have the BDK trade. With work I'm gone for a week out on the water and do not always get an internet connection so just getting back to you. I love the passion you have in coaching - thank you for all the time you take with us.
Jennifer
Dave. I believe you said SPX would go to 1212 or 1225 range by January.
The February 2010 price target is 1212 based on the March lows to the break of the June highs.
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