Before the Open (Jan 14)

Good morning. Happy Friday.
The Asian/Pacific markets closed mixed and with a bearish bias. Europe is currenly down across the board. Futures here in the States point towards a weak open for the cash market.

INTC announced earnings yesterday after the close. The street likes what they heard; the stock is up almost 1% premarket (although it was up 2% yesterday after hours)
I’ve mentioned several times there seems to be an invisible hand out there that won’t let the market drop, and yesterday sentimentrader.com quantified the current run. The S&P has closed 93 consecutive days above its 50-day MA – a feat that has happened less than 20 times since 1928. It’s also closed 31 consecutive days above its 10-day MA – a feat that’s never been accomplised. That’s how long it’s been since the market has even had a decent down day. This certainly isn’t what I’d call normal. I’m not complaining. I’ve said many times the way to make money within a strong trend was to buy and hold, not trade in and out. Absent a big move down today, this will be the 7th consecutive up week and 17th out the last 20. But despite the trend, I’d still say to be on the lookout for a surprise shakeout.
As stated in yesterday’s PM Obs, I won’t be here for the open and my participation after that is not yet known.
That’s it for now. I’ll post a few more set ups on the message board shorty.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers