*~1Best~* Market Timing & Trend-Signals

[*~1Best~*]

Futures are down -- a typical day-after the Fed day reaction. Let's see how much profit taking or buyer step in at the resistances.

@ES 863.75 -7.75 -0.89%
@NQ 1222.25 -9.00 -0.73%


Futures Fall Despite Stimulus Victory
CNBC.com
| 29 Jan 2009 | 05:34 AM ET

US stocks looked set to reverse the week’s winning streak at the open Thursday, despite the progress of the $825 billion stimulus package and optimism over the “bad bank" plan.

The stimulus was passed by a sharply divided US House of Representatives Wednesday, handing President Barack Obama the first major legislative victory of his tenure.
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Meanwhile, government officials have discussed pouring a further $1 trillion to $2 trillion to help backstop the banking system, the Wall Street Journal said, citing people familiar with the matter.

The Federal Reserve signaled it would keep interest rates near zero for quite “some time” Wednesday, and said it will use unconventional tools to battle the fallout.

The day’s earnings were kicked off by Royal Dutch Shell, which said the fall in crude prices was hampering its bottom line. The oil major said fourth-quarter Current Cost of Supply (CCS) net profit fell 28 percent to $4.79 billon.

3M, Eli Lily, Wyeth and Altria are all due to release earnings before the bell.

Investors will also be sifting through a new batch of economic data. Jobless claims data for the week ended Jan 24 is released at 8:30 am. December durable goods is out at the same time, and new homes sales figures for December are released at 10 am.

And the credit crisis could even affect postal deliveries as the post office may cut one day of mail delivery per week due to massive deficits, the postmaster general told Congress on Wednesday.
© 2009 CNBC.com

URL: http://www.cnbc.com/id/28909086/