Futures Point to a Flat Opening...

BMO – ES +0.50 and NQ +1.25 futures are lower in pre-market trading pointing to a lower open. AAPL +0.42, AMZN +1.07, GOOG +2.60 and BIDU +1.33 are lower in pre-market trading. The Euro is down 33 pips in overnight trading creating a short term reversal in the dollar. Oil is up 17 in electronic trading. XLE is up 10 cents in pre-market trading. SPY is up 5 cents in pre-market trading. XLF is up 4 cents in pre-market trading. Continue to watch XLF as a key to sustain the breakout in the SPX which it is not doing this morning. There is still a 1,234 chart target for the end of January. Without a strong positive reaction to earnings this week and next we don’t see this target being achieved by the end of January as we stated in Friday’s post. Remember direction and price target are more important than time. Follow your rules in any trading actions today. Be logical. Watch for support bounce this morning and the R1 level of Wednesday’s large black candle. Financials are up. EBAY is up 2.02 or 9.09% in pre-market trading after reporting better than expected earnings and raising guidance. STX rose 1.91 or 10.75% in pre-market after reporting earnings of $1.03 vs. 65 cents estimate. SBUX rose 61 cents or 2.71% after better than expected earnings. Thursday Key Earnings to Watch: AMD, AXP, BNI, FCX, GOOG, ISRG, ESI, KEY, PNC, PCP, LUV, SYNA, UNP, UNH, WDC SPX Support = 1,125 – 1,133, 1,106 - 1,117 Resistance = 1,145, 1,155, 1,170 Trading Down: Trading Up: UNH, WDC, POT, AAPL, AMZN, BUCY, AGU, TSL, EBAY, STX, SBUX Look at these Charts… (click image to enlarge) At the Open on Thursday SPY – QQQQ – FAS – SHLD – CREE – STX – STT – NTRS – BAC – INFY – ZION – X – AAPL – AKAM – AMZN – NVDA – RIMM – SNDK – BUCY – DECK – FWLT – ISRG – PCLN – UAUA – ACN – AGU – AMD – CAT – DE – DOW – DHR – MA – PCP – POT – UNP – WHR –