Reply #13: pre-opening blather [View All]

[UpInArms]

briefing.com

9:00AM: S&P futures vs fair value: +3.9. Nasdaq futures vs fair value: +6.0. Positive bias persists in pre-market trading, as expectations for a higher start for cash market remain intact... While both of today's economic releases were a bit weaker than expected, inflation concerns have been somewhat tempered, providing investors with a little breathing room to get the market back on track and possibly recoup some of this week's widespread losses

8:33AM: S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: +5.0. Futures trade holds relatively steady following economic data, still indicating a higher open for the indices... Feb durable orders grew 0.3%, following a 1.3% decline in January, while ex-transportation fell 0.2%... Initial claims rose 3K to 324K, slightly more than economists expected... Treasurys, which were off slightly ahead of the data, have rebounded somewhat as the 10-year note (+2/32) now yields 4.57%

8:00AM: S&P futures vs fair value: +3.7. Nasdaq futures vs fair value: +4.5. Futures market versus fair value suggesting a higher open for the cash market as investors weigh M&A activity and upbeat GE guidance against rising fuel prices ahead of economic data... Reports suggest that General Electric (GE), which has raised its Q1 EPS outlook by nearly 3%, is considering a potentially $3 bln offer for Dutch Bank NIB... However, a record surge in gasoline futures and higher oil prices following an explosion at a BP refinery near Houston could weigh on sentiment...

At 8:30 ET, Feb durable orders (consensus +0.8%) and initial claims (consensus 315K) will be released

ino.com

The June NASDAQ 100 was higher overnight due to short covering as it consolidates some of its recent losses but remains below January's low crossing at 1496.50. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a short-term low is in or is near. Closes above the 10-day moving average crossing at 1496.95 would signal that a short-term low has likely been posted. If June extends this winter's decline, weekly support crossing at 1433.06 is the next downside target. The June NASDAQ 100 was up 6.50 pt. at 1485.50 as of 5:49 AM ET. Overnight action sets the stage for a steady to higher opening by the NASDAQ composite index later this morning.

The June S&P 500 index was higher overnight due to short covering as it consolidates some of this month's decline. Stochastics and the RSI are oversold and are turning neutral signaling that a short-term low is in or is near. If June extends this month's decline, January's low crossing at 1170 is the next downside target. Closes above the 10-day moving crossing at 1191 would signal that a short-term low has been posted. The June S&P 500 Index was up 3.20 pts. at 1177.80 as of 5:53 AM ET. Overnight action sets the stage for a steady to higher opening when the day session begins later this morning.