Good morning. Happy Tuesday.
Swine flu continues to dominate the news. SPX futures are down 14 and Nas 100 futures are down 16. It looks like earnings are being pushed aside for now. I’ve been in cash for over a week and am going to stick with day trading for now. If swine flu scares continue, the market won’t breakout. If fears subside, the market could easily leg up again.
Here’s the daily SPX. A close below trendline support (which happens to be the middle of the Bollinger Bands) would likely lead to the lower band near 800 being tested.
Put/Call Ratio: Can the market rally with this much complacency? The chart has been below 1.0 for the entire month. It’s something to keep in mind.
Short term trades only for me right now.
headlines at Yahoo Finance
stocks to watch from MarketWatch
today’s upgrades/downgrades
this week’s earnings & economic releases