BUCKLE-UP, Here We Go Again!!!
9:10AM: The futures are trending lower since the release of the worse than expected employment data...An interesting trend over the last few sessions is that the Nasdaq has been reversing its pattern mid-day. If it opens higher, it trends lower and vice versa. The 1640 level has acted as a short term floor over the last four sessions. These are levels not seen since mid-October. The Nasdaq has fallen 10% in just the past two weeks...There are few big movers thus far. Sonic Solutions (SNIC 7.05) is up 22% in the pre-market as it beat consensus and boosted guidance...
CSFB is cutting estimates on Ciena (CIEN 7.05) while Goldman Sachs is doing the same with Oracle (ORCL 8.55)...Current indications: S&P 500 futures are -1.30, or 2.3 pts below fair value. Nasdaq 100 is unch, or 1 pt above fair value. Nas 100 PMI +0.64.
" Success seems to be largely a matter of hanging on after others have let go." ~ William Feather
