9:00am (EST)
It was another day of see-saw action as the market looked like it was at a roulette table playing black or red throughout the session. For all their efforts, the bulls managed to walk away from the table with a win as all three indexes posted gains.
The Dow finished with a 3 point gain to close at 10,567 but was stuck in a tight range between 10,526 and 10,601.
The S&P 500 traded higher by 5 to close at 1,145. We are watching the 1,150 level to see if it is going to be our short-term ceiling (again) or if we can punch through. If this level is broken it could pave the way to 1,175 and possibly 1,200 down the road.
The Nasdaq once again led the way as the index popped 18 points and is resting at 2,358 after touching another intraday a new high of 2,361.
We mentioned that economic news would pick up by the end of the week and the first one to hit this morning was the jobless claims number. Initial jobless claims came in at 462,000 versus expectations of 460,000, while continuing claims were 4.55 million. Wall Street had expected 4.5 million.
Courtesy of Econoday.com
Futures were already lower but held up well after the release. We are still looking at a lower start and the bears are in throwing the kitchen sink this morning in an effort to spook the markets.
Another element that is weighing on the bulls this morning is the news that China may further tighten credit.
Currently, the Dow futures are off by 34 points to 10,531 while the S&P 500 futures are lower by 5 to 1,140. The Nasdaq futures, which has shown the most strength throughout the recent rally, are down 7 to 1,912.
We think the bulls fight back but they may wait until after we open to start battling back. We still think the market moves higher from here and we have TWO new possible trades we are looking at this morning. Subscribers, check your inbox or the Members Area for all the updates.
Tags: option picks, option signals, options alerts, stock options trading
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on Thursday, March 11th, 2010 at 9:04 AM and is filed under Market Commentary.
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Economic News Weighs On Open
9:00am (EST)
It was another day of see-saw action as the market looked like it was at a roulette table playing black or red throughout the session. For all their efforts, the bulls managed to walk away from the table with a win as all three indexes posted gains.
The Dow finished with a 3 point gain to close at 10,567 but was stuck in a tight range between 10,526 and 10,601.
The S&P 500 traded higher by 5 to close at 1,145. We are watching the 1,150 level to see if it is going to be our short-term ceiling (again) or if we can punch through. If this level is broken it could pave the way to 1,175 and possibly 1,200 down the road.
The Nasdaq once again led the way as the index popped 18 points and is resting at 2,358 after touching another intraday a new high of 2,361.
We mentioned that economic news would pick up by the end of the week and the first one to hit this morning was the jobless claims number. Initial jobless claims came in at 462,000 versus expectations of 460,000, while continuing claims were 4.55 million. Wall Street had expected 4.5 million.
Courtesy of Econoday.com
Futures were already lower but held up well after the release. We are still looking at a lower start and the bears are in throwing the kitchen sink this morning in an effort to spook the markets.
Another element that is weighing on the bulls this morning is the news that China may further tighten credit.
Currently, the Dow futures are off by 34 points to 10,531 while the S&P 500 futures are lower by 5 to 1,140. The Nasdaq futures, which has shown the most strength throughout the recent rally, are down 7 to 1,912.
We think the bulls fight back but they may wait until after we open to start battling back. We still think the market moves higher from here and we have TWO new possible trades we are looking at this morning. Subscribers, check your inbox or the Members Area for all the updates.
Tags: option picks, option signals, options alerts, stock options trading
This entry was posted on Thursday, March 11th, 2010 at 9:04 AM and is filed under Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.