Futures and BIDU Pointing to a Higher Open...

BMO – ES +4.50 and NQ +6.75 futures are up about two hours before the market open pointing to a higher open. AAPL +1.25, GOOG +2.56 and BIDU +41.99 are higher in pre-market trading. BIDU reported better than expected earnings and raised guidance after the close. The stock is up over $40 in pre-market trading and could give more lift to the current support bounce. Take a look at UAUA and the airline stocks: UAUA, AMR, CAL, DAL, LCC The SPX rallied on Tuesday although it did close off about 10 points off its high of the day at 1,070 in the middle of its trading range. You’ll notice that Tuesday’s high was right at horizontal resistance. Along with the other positive technical evidence we have mentioned since Friday’s post there is a bullish divergence forming in the SPX and other broad indexes which is further evidence that the current support bounce could continue. See Tuesday night’s post. The Euro is down 12 pips in overnight trading. Oil is up 15 cents in electronic trading. Continue to watch XLF as a key to a support bounce rally in the SPX as it is doing this morning. Follow your rules in any trading actions today. Be logical. SPX Support = 1,050 – 1,044 Resistance = 1,071, 1,079, 1,087 Trading Down: Trading Up: AAPL, BIDU, FAS, CAT, BAC, GS, SPG, USO Look at these Charts… (click image to enlarge) At the Open on Wednesday SPY – QQQQ – FAS – BA – CF – DOW – UAUA – ALGT – ALTR – GMCR – SHLD – CREE – STX – ZION – STT – NTRS – DECK – ISRG – BAC – INFY – X – AAPL – AKAM – AMZN – NVDA – SNDK – BUCY – PCLN – ACN – AGU – DE – DHR – MA – PCP – POT –