Replies to post #9868 on DayTrading QQQ Swings (QQQ)

[blasher]

Overnight U.S. Stock News
Dec S&Ps this morning are up +6.80 points. The stock market yesterday traded weaker until late in the session when it rallied into the close and finished mixed (Dow +0.21%, S&P 500 -0.04%, Nasdaq Composite +0.08%). The Dow climbed to a 1-month high and the Nasdaq soared to a 4-month high. Bullish factors included (1) the unexpected decline in weekly US initial unemployment claims which fell to their lowest level in 2 months (-3,000 to 450,000 versus expectations of +7,000 to 458,000), (2) the Jul net long-term TIC flows that showed foreigners bought a net $12.5 billion US equities in July, (3) strength in technology stocks led by a surge in Apple Computer to an all-tine high on anticipation of strong sales ahead of the release of its iPad tablet computer in China, and (4) the prediction from well-known stock analyst Ralph Acampora that US stocks may gain by more than 20% within the next 10 months as investors are too pessimistic about the prospects for eco nomic recovery.
Bearish factors included (1) carry-over weakness from a slump in European equity markets after an unexpected decline in UK retail sales heightened concern that global economic growth is stalling, (2) the larger-than-expected increase in the Aug PPI which posted its biggest increase in 5 months (+0.4% m/m versus expectations of +0.3% m/m), (3) the smaller-than-expected increase in the Sep Philadelphia Fed manufacturing index which contracted for a second month (+7.0 to -0.7 versus expectations of +8.0 to 0.3), and (4) a slump in homebuilders after the report from RealtyTrac that said US homes lost to foreclosure rose in Aug by +3% m/m and +25% y/y, the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis, which may keep US home prices under pressure as banks put more foreclosed properties back on the market.
Oracle (ORCL) rose 4.6% in pre-market trading after it reported Q2 earnings of 42 cents a share, easily beating analysts' estimates of 37 cents, and as it forecast sales in the current period of $8.4 billion, higher than analysts' estimates of $8.21 billion.
Texas Instruments (TXN) climbed 2.8% in pre-market trading after the company said it will raise the quarterly dividend payment to 13 cents from 12 cents and that it is adding $7.5 billion to funds to buy back shares.
Research in Motion (RIMM) gained 5.9% in pre-market trading after the company projected revenue this quarter of as much as $5.5 billion and earnings per share as high as $1.70, much better than analysts' estimates of projected revenue of $4.82 billion and profit of $1.39 a share.
c/o BarChart.com

[blasher]

there was an Up Open as predicted by our new beta method . . .
and a GOM Signal was given, but should have been Closed early on.
As I recommended last night, no Trading was done today
as I expected limited price movement.
I will post a Weekend Commentary by Sunday night.
Have a great! weekend all.

[blasher]

Before Market Opens (BMO) Trading Commentary . . .

Asian markets finished Mixed today: Japan=+1.23%, Hong Kong=+0.03%, and China=-0.38%.
European markets are Up so far today: France=+0.65%, Germany=+0.41%, and England=+1.02%.
U.S. stock futures are currently Up some. See U.S. Stock Index futures prices down the left-side of our Home page and clicking on the "quotes and charts" link for the latest prices. (click link below)
QQQQ/SPY are currently Trading at 48.20 / 112.95 . . .
Subscribers, see the Members Tab and use the Charts and Commentary I post each night and weekend for Support / Resistance / Target details. (click link below)
Overnight, the Range-Bounds have been Up: between approximately 1117 - 1126 for the S&P-500 futures .. use these Bounds as possible Targets for Trading today.
The US-Dollar is Down to 81.40 overnight. The Euro is Up to 1.3092. See forex prices down the left-side of our Home page. (click link below)
Gold is Up to 1282. Members, please refer to my Gold Chart and Commentary on how to Trade this precious metal. (click link below)
Gold broke through Resistance last week at $1260 and is still Holding it to signal a primary advance to $1360. Reversal below $1240 would warn of a correction to primary Support at $1160.
Copper is Sideways to 3.5275 now.

FRIDAY:
Stocks have drifted on this muddied picture, trading in a narrow range. Market players are looking at housing, unemployment, and the national budget deficit as clues to whether the recession is abating. Investors will keep a close eye on this week's reports about sales of homes and building permits. Adobe will report Q3 earnings on Tuesday. We expect more volatility this week.
c/o optionsmart

TODAY: . . . .

... read much, much more, including today's outlook and Charts, at http://www.StocksDoc.com/BMO.php .



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