Good morning. Happy Friday.
The Asian/Pacific markets closed mixed, but the downside movers were bigger than the gainers. Europe is currently mostly down, but losses aren’t great. Futures here in the States point towards a gap down open for the cash market.
If the futures hold, it’d be the third straight day the market has opened weak. The bulls stepped up the first two by buying intraday weakness to prevent full blown sell-offs. In fact each day saw buying into the close to paint the final numbers “not bad” or “pretty good” rather than “weak.” The question is whether they’ll do it again today. How many times will the bulls buy the market into the close only to wake up the next morning and see their gains wiped out? It’s Friday. Will the bulls finally step aside because they’re getting a little nervous?
Here’s an update of the 15-min S&P chart. I’ve called the slanted trendline meaningless and have been proven correct with that label. My 1310 target was missed by 2 points yesterday – good enough. Now we’ve essentially had 4 days of range bound movement, and today’s open will be near the middle of the range. I think today will go a long way towards suggesting trader sentiment into next week.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers
0 thoughts on “Before the Open (Feb 11)”
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Nothing is certain right now until the situation with Egypt tends
to become a little bit more in focus. You can imagine the undue
influence people around the world are now putting presssure on Mubarak
to resign. Unfortunately,the man is thinking with his heart
and not his head. That’s my analysis, anyway. HW
My post from 8:52am turned out to be true. Have a good weekend. HW
Where did the flags and fireworks come from? Seems to planned, choreographed. IMO: a new deck, a new dealer, the game’s the same.
Howard – Big Ben, POMO, HFT ….. Neal’s right! It’s a rigged game. Forget EW, overbought, oversold, etc, etc. The trend’s up until it ain’t, so buy the dips umtil it doesn’t work. “The Kid With A Ruler” will do just fine and you don’t have to subscribe to any service!! Say hello to Max!