Futures Point to a Lower Open oon Options Expiration Friday...

10: 33 am ET - SPY is a white candle again as it continnues to fluctuate between 110.40 - 110.95...good old expiration Friday volatility... 10:10 am ET - UAUA is forming a classic bull flag... 10:05 am ET - SPY has pulled back and below its open delivering option expiration Friday intra-day volatility...currently for a bearish harami and still above the high of the low day...STT is having a strong morning... 9:45 am ET - SPY and many stocks are rising above their open and gaining strength... 9:35 am ET - at the open ALGT, X, FAZ, UAUA, TDG, IPI, BUCY, AMED, MOS UNP BUI MCK VPRT, BA, DHR, WAB, SNDK and DECK are trading higher...TSL, ESI, HEAT, UNG, CHL, ACN, ATW, FUQI, AMX, BDX, V, VAR, MELI, CBST are trading lower... BMO – ES -3.50 and NQ -3.50 futures are lower in pre-market trading pointing to a lower open. AAPL -0.76, AMZN +0.27, GOOG -0.58 and BIDU -1.10 are mostly lower in pre-market trading. The big news is DELL -0.68, -4.71% reported 0.28 vs. estimates of 0.27 but missed gross margin estimates. Tech stocks which were lower after the close in sympathy are not as low in pre-market trading as in after hours trading yesterday. Maybe bigger news is the Fed raised the discount rates to banks ¼% from 0.50% to 0.75%. SP futures were down more than 12 points after Thursday’s close on the news but have recovered to dow -3.50. The Fed news is actually positive as I stated last night as it indicates that financial stability is improving. I am not surprised that futures have rallied from their initial lows. The SPX closed at 1,106 which is horizontal resistance will open lower on the Fed news…I expect short term support to hold but be prepared in price move lower and follow your exit rules. Thursday was the high day. Short term support is Tuesday’s S1. The Euro is up 20 pips in overnight trading. Oil is quoting up 5 cents in electronic trading. XLE is down 29 cents in pre-market trading. SPY is down 30 cents in pre-market trading. XLF is down 7 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX. Follow your rules in any trading actions today. Be logical. SPX Support = 1,087…1,082…1,075 Resistance = 1,106 - 1,117 Trading Down: ESI, BUCY, CHL,MA, TSL, CAN, SYNA, CREE, FAS, V, ATW, GS, FLS, WLT, SNDK, USD Trading Up: MOS, POT, FAZ, USO Look at these Charts… (click image to enlarge) At the Open on Friday SPY – QQQQ – FAS – CF – UAUA – ALGT – ALTR – NFLX – CREE – RIMM – BA – STX – DE – WHR – AMLN – ZION – STT – GMCR – DOW – X – IPI – SHLD – BUCY – DHR – V – NVDA – AMD – PCLN – DECK – CAT – PCP – UNP – POT – AGU – ACN –