BMO – ES -2.25 and NQ -3.75 futures are slightly higher about 20 minutes before the open in pre-market trading and point to a flat to lower open on expiration Friday… volume is light for pre-market with a slightly more stocks quoting down than up…Financial stocks, XLF is quoting down 3 cents on 51,500 volume in pre-market…
TLT is down 46 cents and the Euro is down 62 pips in premarket trading…
CRM +9.37 is up and ARUN -1.69 is down after reporting earnings…
NDX leaders AAPL, AMZN, BIDU GOOG, NFLX and PCLN are quoting down in pre-market trading… QCOM is up…
Dave’s Insight for Friday: Today is options expiration for May…recently expiration trading tends to be range bound…pre-market activity seems to suggest a lackluster day with the VIX once again near multi-year lows…Keep in mind pin risk, the tendency to close near a strike price, for major stocks like AAPL and GOOG…Continue to follow your rules…Continue to watch XLF for support of a SPX bounce…Manage your trades based on the price action you see on the chart you are trading…Horizontal support on SPY is 133 and it is above that in pre-market trading…
SPX
Resistance: 1,344, 1,352, 1,367
Support: 1,330, 1321, 1,310
Quoting Down – ANF, ARUN, NFLX, ROST, INTU, PCLN, ALXN, AAPL, URBN, ISRG, ESRX, MICC, CELG, AMZN, GOOG, ADSK, FSLR, CMG, GS, LDK, WLT, TIF, URE, ICE, MOS, TLT, NYX, CLF
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