Reply #30: pre-opening blather [View All]

[UpInArms]

briefing.com

9:15AM: S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +3.5.

9:00AM: S&P futures vs fair value: +3.4. Nasdaq futures vs fair value: +3.5. Futures trade still hovering above fair value, setting the stage for the cash market to open on an upbeat note... Companies in focus this morning following some notable ratings changes include upgrades on ATI, BBY, WM and WFT while AFL, BMC, CMS, NVDA and PRU have been downgraded

8:30AM: S&P futures vs fair value: +3.4. Nasdaq futures vs fair value: +4.0. Still shaping up to be higher open for the indices as futures indications hold steady above fair value... Falling oil prices ($54.12/bbl -$0.37), better than expected Q1 earnings from Albertson's (ABS), reaffirmed Q4 and FY05 guidance from Procter & Gamble (PG) and optimism ahead of Texas Instruments' (TXN) mid-quarter update (16:00 ET) have also underpinned a positive sentiment that could carry over yesterday's modest gains...

While there are no notable economic data scheduled for this morning, General Motors' (GM) annual meeting begins at the top of the hour

8:00AM: S&P futures vs fair value: +3.1. Nasdaq futures vs fair value: +3.5. Futures market versus fair value suggesting a higher open for the cash market as lower bond yields provide a floor of early buying support for stocks following comments from Fed Chairman Alan Greenspan... Yields on the 10-year note (+11/32) have fallen to 3.90% after Greenspan said he expects long-term rates to stay low and that the flattening spread between long-term and short-term rates does not necessarily indicate a slowing economy

ino.com

The June NASDAQ 100 index closed lower on Monday and below the 10-day moving average crossing at 1550.85 confirming last Friday's key reversal down. June is consolidating below the 62% retracement level of this year's decline crossing near 1554.62 and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought and are turning bearish signaling that a short-term top is in or is near. Multiple closes below the 10-day moving average crossing at 1550.85 would signal that a short-term top has been posted. If June extends the rally off April's low, the 75% retracement level of this year's decline crossing near 1588.27 is the next upside target.

The June S&P 500 index closed slightly higher on Monday due to short covering as it consolidates above the 10-day moving average crossing at 1197.65 and the 62% retracement level of this spring's decline crossing at 1196.55. The high- range close sets the stage for a steady to higher opening on Tuesday, as additional short covering gains are possible. However, stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 1197.65 would signal that a top has been posted. If June extends this spring's rally, the 75% retracement level of the March-April decline crossing at 1209.52 is the next upside target.

The Dow closed lower on Monday as it extends last Friday's breakout below the 10-day moving average crossing at 10,513. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 10,423 are needed to confirm that a short-term top has been posted. If the Dow renews this spring's rally, the 62% retracement level of the March-April decline crossing at 10,610 is the next upside target.