Futures Point to a Higher Open...

2:50 pm ET - Inside Day forming - AAPL, X, TXN, DECK, DOW, FWLT, GE, JCI, NVDA, POT, SNDK, STT, STX, WDC, XLB, XLE, XLF, XLV Bullish Harami = DE, NTRS, TSL Hammer = ZION (EPS release after close) 12:50 pm ET - Earnings Watch - AAPL, ZION, AMGN, TXN report after the close on Monday... 12:45 pm ET - X broke out of its 5 minute channel and is heading higher...AKS reported 36 cents EPS vs. estimates of 20 cents before the market open and has risen 7% from Friday's close...AKS is near breaking the high of the low day of 21.74... 12:05 pm ET - look at the 5 minute price channel on X this morning making a higher low from Friday's low...look for channel break out... 11:30 am ET - early rally fades and many stocks are now forming inside days as we said to look for today...X, AAPL, AGU, BUCY, EBAY, GE, JCI, POT, STT, STX, TSL, WDC XLB, XLE, , XLF, XLV...while other stocks like CREE, SBUX and ZION are below Friday's low...we will patiently watch for support to hold or trade down below support levels... BMO – ES +8.00 and NQ +9.25 futures are higher in pre-market trading pointing to a higher open. AAPL +4.62, AMZN +1.27, GOOG -3.29 and BIDU +4.09 are mostly higher in pre-market trading. AAPL reports earnings after the close today. The Euro is down 5 pips in overnight trading. Oil is down 27 in electronic trading. XLE is up 50 cents in pre-market trading. SPY is up 1.24 cents in pre-market trading. XLF is up 19 cents in pre-market trading. Continue to watch XLF as a key to a support bounce rally in the SPX as it is doing this morning. There is still a 1,234 chart target for the end of January. We don’t expect this target to be achieved by the end of January as we stated. With the three day pull back last week it would require an extraordinary rally. Remember direction and price target are more important than time. Follow your rules in any trading actions today. Be logical. Watch for a potential support bounce or an inside day this morning and the R1 level of Friday’s large black candle. If support breaks look for price to fall to the next support level. SPX Support = 1,090, 1,075 Resistance = 1,103, 1,115 Trading Down: Trading Up: X, WDC, POT, AAPL, AMZN, BUCY, AGU, TSL, EBAY, STX, SBUX, UNH, XLB, XLF, XLV Look at these Charts… (click image to enlarge) At the Open on Monday 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 –