Reply #12: pre-opening blather [View All]

[UpInArms]

briefing.com

9:00AM: S&P futures vs fair value: -7.6. Nasdaq futures vs fair value: -11.5. Cash market still poised for a weaker start as the futures market carries a bearish bias... Meanwhile, blue chips making news include GM, which said it will maintain its Q2 dividend of $0.50... Boeing (BA) has inked a $5.3 bln order from Japan Airlines while Verizon (VZ) will receive roughly $2.3 bln from its stake in Vodafone's mobile-phone business

8:30AM: S&P futures vs fair value: -6.2. Nasdaq futures vs fair value: -9.5. Still shaping up to be a lower open for the indices as futures indications continue to languish below fair value... Further weighing on sentiment has been broad-based weakness in overseas markets as investors await Q3 earnings and ensuing guidance from tech bellwether Cisco Systems (CSCO) after the close... Stocks making headlines that have already reported quarterly results include CHD, PCLN and ADBL

8:00AM: S&P futures vs fair value: -5.2. Nasdaq futures vs fair value: -8.0. Futures market versus fair value suggesting a lower open for the cash market... Consolidation following yesterday's gains and rising oil prices have so far stalled follow through buying interest... The absence of economic data this morning to set a more distinctive tone for the market has also arguably left investors pondering mixed indications about economic growth

ino.com

The June NASDAQ 100 was slightly lower overnight as it consolidates some of Monday's rally but remains poised to test this year's downtrend line crossing near 1474.45. Stochastics and the RSI are bullish but becoming overbought hinting that a short-term top might be near. Closes below the 10-day moving average crossing at 1442.10 would signal that the short covering rally off April's low has come to an end. The June NASDAQ 100 was down 3.00 pts. at 1460.50 as of 5:43 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 slightly lower overnight due to light profit taking and is working on a possible inside day as it consolidates above the 38% retracement level of the March-April decline crossing at 1173.41. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. If June extends this month's rally, the 50% retracement level of the March-April decline crossing at 1185 is the next upside target. Closes below the 10-day moving average crossing at 1166.46 would signal that the short covering rally off April's low has come to an end. The June S&P 500 Index was down 2.00 pts. at 1176.30 as of 5:45 AM ET. Overnight action sets the stage for a steady to lower opening when the day session begins later this morning.