9:00am (EST)
The bears got back on track following last week’s drubbing and took the market lower to start the week. The bulls were a little nervous over how much potentially risky government debt European banks are holding and decided to stay on the sidelines which snapped a strong four-day rally.
The Dow fell 107 points, or 1.0%, to finish at 10,340. The index traded to a high of 10,448 and we mentioned yesterday to watch for a close below 10,350.
The S&P 500 dropped 12 points, or 1.2%. and closed at 1,091. The index reached a high of 1,102 and had trouble breaking back above 1,100 all day as we were looking for a close below 1,090.
The Nasdaq gave back 25 points, or 1.1%, to settle at 2,208. The index managed to stay above the 2,200 level for now and any rallies should be capped at 2,250 which is strong resistance.
Futures are pointing towards a slightly higher open this morning as the market prepares for today’s upcoming Fed beige book results. The report should provide further insight into the pace of the domestic recovery but the Fed has been cautious in its statements about the economy in recent months. If the news has any signs of trouble, the bears will use it to their advantage.
As we head to press, Dow futures are higher by 22 points to 10,360 while the S&P 500 futures are up by 2 points to 1,093. The Nasdaq 100 futures are showing a 6 point gain and are at 1,864.
We will be back at 1pm with the latest news. Subscribers, check the Members Area for the updates.
Tags: option picks, stock options trading
This entry was posted
on Wednesday, September 8th, 2010 at 9:03 AM and is filed under Market Analysis, Market Commentary.
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Futures Pointing Towards Slightly Higher Open
9:00am (EST)
The bears got back on track following last week’s drubbing and took the market lower to start the week. The bulls were a little nervous over how much potentially risky government debt European banks are holding and decided to stay on the sidelines which snapped a strong four-day rally.
The Dow fell 107 points, or 1.0%, to finish at 10,340. The index traded to a high of 10,448 and we mentioned yesterday to watch for a close below 10,350.
The S&P 500 dropped 12 points, or 1.2%. and closed at 1,091. The index reached a high of 1,102 and had trouble breaking back above 1,100 all day as we were looking for a close below 1,090.
The Nasdaq gave back 25 points, or 1.1%, to settle at 2,208. The index managed to stay above the 2,200 level for now and any rallies should be capped at 2,250 which is strong resistance.
Futures are pointing towards a slightly higher open this morning as the market prepares for today’s upcoming Fed beige book results. The report should provide further insight into the pace of the domestic recovery but the Fed has been cautious in its statements about the economy in recent months. If the news has any signs of trouble, the bears will use it to their advantage.
As we head to press, Dow futures are higher by 22 points to 10,360 while the S&P 500 futures are up by 2 points to 1,093. The Nasdaq 100 futures are showing a 6 point gain and are at 1,864.
We will be back at 1pm with the latest news. Subscribers, check the Members Area for the updates.
Tags: option picks, stock options trading
This entry was posted on Wednesday, September 8th, 2010 at 9:03 AM and is filed under Market Analysis, Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.