Reply #24: pre-opening blather [View All]

[UpInArms]

briefing.com

9:15AM: S&P futures vs fair value: -1.8. Nasdaq futures vs fair value: -6.0.

9:00AM: S&P futures vs fair value: -2.0. Nasdaq futures vs fair value: -6.0. Still shaping up to be a lower open for the cash market, as the futures market continues to trade close to fair value... Aside from the disappointing retail sales data, investors have had to juggle mixed earnings and guidance... McDonald's (MCD) has issued upside Q1 guidance while Harley-Davidson (HDI) has beaten Q1 estimates by a penny but lowered its FY05 EPS guidance, prompting an analyst downgrade...

Last night, Compuware (CPWR) and Foundry Networks (FDRY) also warned, providing investors with little in the way of enough upbeat news to extend yesterday's late-day gains

8:34AM: S&P futures vs fair value: -1.8. Nasdaq futures vs fair value: -6.5. Futures trade ticks a bit lower following economic data, still indicating a lower open for the indices... Mar. retail sales checked in at 0.3%, well below expectations, while ex autos came in at 0.1%, also below expectations and versus a revised 0.6% (up from 0.4%)... In response to the data, Treasurys have rallied, as the 10-yr note is now up 6 ticks yielding 4.32%

8:00AM: S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: -4.5. Futures market versus fair value suggesting a lackluster open for the cash market as investors await economic data... At 8:30 ET, Mar. Retail Sales (consensus +0.8%) and Retail Sales ex-auto (consensus +0.5%) will be released...

ino.com

The June NASDAQ 100 was slightly lower overnight as it consolidates some of Tuesday's rally but remains above the 10-day moving average crossing at 1491.35. Stochastics and the RSI have turned bearish signaling that the short covering rebound off March's low might be coming to an end. Closes below Tuesday's low crossing at 1466 would confirm that the corrective rebound has come to an end, while opening the door for a possible test of last month's low crossing at 1463.50 later this spring. Multiple closes above the downtrend line crossing near 1512.15 are needed to confirm that a short-term low has been posted. The June NASDAQ 100 was down 2.00 pts. at 1491.50 as of 5:48 AM ET. Overnight action sets the stage for a steady to lower opening by the NASDAQ composite index later this morning.

The June S&P 500 index was lower overnight as it consolidates some of Tuesday's rally but remains above the 10-day moving average crossing at 1185.69. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes below Tuesday's low crossing at 1173.20 would confirm that the short covering rally off March's low has come to an end. Closes above last week's high crossing at 1195.70 are needed to open the door for a possible test of the 50% retracement level of March's decline crossing at 1200.40. The June S&P 500 Index was down 1.70 pts. at 1188.30 as of 5:51 AM ET. Overnight action sets the stage for a steady to lower opening when the day session begins later this morning.