Reply #14: pre-opening blather

[UpInArms]

briefing.com

9:00AM: S&P futures vs fair value: +3.6. Nasdaq futures vs fair value: +7.0. Cash market still set to start the day on a higher note... In company-specific news, Delta Air Lines (DAL) remains under pressure after its Comair subsidiary cancelled all 1,100 of its flights on Christmas Day due to a computer glitch while Sharper Image (SHRP) shares are off 13% in pre-market trading after it warned for Q4 (Jan) and FY04... Sirius Satellite (SIRI) shares, however, have gained 6% after it topped the 1 mln subscriber mark

8:30AM: S&P futures vs fair value: +3.6. Nasdaq futures vs fair value: +4.5. Still shaping up to be a higher open for the indices according to current futures indications... Insurance companies could garner attention as the market assesses the damage from devastating tidal waves that struck Southeast Asia yesterday while holiday shopping reviews and post-Christmas bargains could keep retail stocks in focus... Wal-Mart (WMT) said sales on December 26 were more than expected

8:00AM: S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +4.5. Futures suggesting a higher open for the cash market... Contributing to the positive sentiment looks to be strong follow through after a solid week of gains (+1.0%) for all the major indices, kicking off a much anticipated Santa Claus rally... A decline in crude oil futures ($43.12/bbl -$1.06) due to warmer weather forecasted for the Northeast has also added early buying interest... There are no economic or earnings reports out this morning

ino.com

The March NASDAQ 100 was higher overnight due to short covering as it consolidates above the 10-day moving average crossing at 1621.10. Stochastics and the RSI have turned bullish again signaling that sideways to higher prices are possible near-term. If March renews this fall's rally, weekly resistance crossing at 1717 is the next upside target. Closes below the reaction low crossing at 1586 are needed to confirm that a short-term top has been posted. The March NASDAQ 100 was up 8.00 pt. at 1626.50 as of 5:43 AM ET. Overnight action sets the stage for a steady to firmer opening by the NASDAQ composite index later this morning.

The March S&P 500 index was higher overnight as it extends last week's breakout above the previous reaction high crossing at 1210.70. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March extends this fall's rally, weekly resistance crossing at 1265 is the next upside target. Closes below the 20-day moving average crossing at 1196.80 are needed to confirm that a short-term top has been posted. The March S&P 500 Index was up 3.30 pts. at 1215 as of 5:45 AM ET. Overnight action sets the stage for a steady to firmer opening when the day session begins later this morning.