Tuesday, August 2, 2011

Futures Point to a Lower Open...Consumer Spending Down 0.2% in June...

Dave Johnson and Tom Sosnoff will present in Detroit today at 4:30 pm EDT at the MGM Grand downtow....see those of your in the area later today...



BMO ES -7.25 and NQ -10.50 futures are lower about 20 minutes before the open in pre-market trading and point to a lower open on Tuesday following the report of a -0.2% drop in Consumer spending for June…volume is moderate for pre-market with more stocks quoting down than up…Financial stocks, XLF down 9 cents on just 13,600 volume in pre-market..

TLT is up 53 cents and the Euro is down 28 pips in premarket trading…

NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting lower in pre-market trading…

Earnings This Week
Monday Aug 1= CTRP, HLF, HUM, SOHU
Tuesday Aug 2 = CTSH, EXPD, HSIC, SIRI, COH, FWLT
Wednesday Aug 3 = ATVI, CMCSA, AGU, ATW, ENTR, ICE, WLT
Thursday Aug 4 = DTV, FSLR, GRMN, PCLN, ANR, CF, SINA
Friday Aug 5 = WCRX, WTW

Dave’s Insight for Tuesday:  Monday’s opening rally failed and turned into a test of support of Friday's low…The SPX looks to open near 1,278 support to test Monday's low…Follow your rules for entries this morning for bullish and bearish trades…Trade each chart according to your rules…Watch XLF which is still a key factor in any SPX move up or down

SPX
Resistance: 1,300, 1,310, 1,321
Support: 1,288, 1,278, 1,267

Quoting DownCTRP, CMG, WTW, COH, CRM, GS, WLT, CF, CAT, SINA, ATI, FFIV, TIF, TSL, URE, CLF, UCO, ANF, SLB, GMCR, V, UNP, CREE, UAL, FCX, VMW, EXPD, PCLN, CERN, GOOG, NFLX, ISRG, INFY, JOYG, WYNN, AMZN, BIDU, DLTR, FFIV, XLNX, SBUX, FAS, CTXS

Quoting UpHLF, FWLT, SOHU, MCP, SLW, FAZ, TLT, HAS, CDE, CTSH, SIAL, BMC, FLIR, WFM

4 comments:

Anonymous said...

The Sky is Falling, The Sky is Falling !!!

"Cry "Havoc!" and let slip the dogs of war" -- Julius Caesar Act 3, scene 1, 270–275

Steven R.

Michael said...

Dave, with S&P crashing through its 200 day moving average, do you see the long term trend of the market as down?

Anonymous said...

Michael,

SPX stopped at support of about 1,250. We'll see if it holds or not in the day(s) to come. Right Dave?

Steven R.

Gary said...

Dave,

I met some great traders tonight that I've only known by their screen names for some time, so it was nice to put a face to a name.
I enjoyed talking to you and meeting Tom for the first time. I hope the show was a success and you bring it back to Detroit again. Next time we'll check the hecklers at the door. I look forward to seeing you back in Detroit soon for the ATA class. Have a safe trip home.

Gary