Thursday, November 11, 2010

Futures Point to a Lower Open Following CSCO Earnings...

BMO - ES -7.25 and NQ -21.00 are lower in pre- market trading pointing to a lower open...the cash SPX bounced at its 10 DMA on Wednesday at the 1,204 level...this is the key short term support today...if 1,204 holds look for a potential bounce as the market absorbs the CSCO selling and then refocuses on the individual fundamentals of each stock...be prepared for a break if 1,204 does not hold...

TLT is down 15 cents and the Euro is down 89 pips...

CSCO is down -4.15 or -17.15% in pre-market trading after reporting earnings and lowering Q2 guidance...this news is pulling weighing on other stocks this morninglower...watch for

SPX
Resistance: 1,220, 1,234, 1,250
Support: 1,209, 1,200, 1,190

Quoting Down - GOOG, CSCO, AAPL, ISRG, AMZN, WYNN, ALTR, BIDU, BRCM, XLNX, AKAM, FFIV, PCLN, CRM, NFLX, VMW, RVBD, NETL, CMG, WLT, MA, POT, VECO, SOHU, SNDK, CSTR, SINA, GS, NTES, SLB, FAS, CREE, ARUN, GMCR, TSL, NYX, AMX, BA, CAT, CLF, BUCY, URE, WFMI, X, SPG, CHL, V, ICE, MOS, SKX, MHS, PNC, FDX, ILMN, RYAAY, FSLR, CTXS, NTAP, JOYG, LRCX, URBN, MICC, CA, MRVL, CTSH HSIC, ESRX

Quoting Up - COST, HANS, FAZ

5 comments:

Judy said...

Good morning DAVE! Happy Veteran's Day. Wow, those "potential bull flag charts you shared last night are nice representations of bull flags. JOYG DOW SINA. I also appreciate your suggestion that if 1205 holds today... Thanks for all the tips and insights. I just can't seem to get it on my own. More practice, more experience, more years of trading and a great teacher and MAYBE someday I will see more clearly. Have a great trading day as those markets go churning along! Judy

Anonymous said...

Dave:
Just have to thank you for all of your insights and trading psychology.
Especially knowing the difference between price fluctuation and trend change. Today I did not panic like I had before when I would look at P/L vs the charts. Some came close to some previous lows but did not continue down. Some of my bullish trades went from a very negative number at the open to very positive number this afternoon.
I still have lots to learn.
I very much appreciate you, your blog, trading rooms, etc.
Gratefully,

Robert
CANI_212

Mike F said...

Amazing how 1204 held like a champ today. Would be nice to see a break above 1215.45 on Friday....

Mike F said...

S1 from the big white candle on 11/4 is holding strong too

Mark Crockett said...

Dave- Just wanted to thank you again for the 4 day live event. All of you made it very worthwhile and I know that my trading will REALLY improve. I have been at this for just over a year and finally feel like I know how to handle my portfolio. I appreciate your giving spirit and tireless attention to us students. God bless you and your family. Until next time,
Mark Crockett