Reply #10: pre-opening blather

[UpInArms]

briefing.com

9:00AM: S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: +9.0. Still shaping up to be a higher open for the indices as futures trade remains comfortably above fair value... Some notable analyst actions include raised Q4 revenue estimates on Yahoo (YHOO) and Google (GOOG) from Goldman Sachs based on better than expected online advertising trends...

JP Morgan has upgraded Stryker Corp (SYK) to Overweight from Neutral but downgraded competitor Boston Scientific (BSX) to Neutral from Overweight while Wells Fargo has downgraded Gap Inc (GPS) to Hold from Buy due to concerns over spring merchandise assortments

8:30AM: S&P futures vs fair value: +4.9. Nasdaq futures vs fair value: +10.0. Bullish bias persists in pre-market trading, and as such, expectations for a higher start for cash market remain intact... Wal-Mart (WMT) has said weekend sales were above plan and now expects December same store sales to rise 3% while Walgreen (WAG) has beaten analysts' expectation by two cents, with Q1 (Nov) earnings of $0.31 per share...

Pfizer (PFE) and Merck (MRK), however, could be under pressure following news that PFE's nerve pain drug Lyrica will likely be classified as a controlled substance while reports suggest that a larger than expected number of Vioxx-related deaths could spur additional litigation

8:00AM: S&P futures vs fair value: +4.7. Nasdaq futures vs fair value: +10.5. Futures market suggesting a higher open for the cash market... Contributing to the upside bias has been as decline in crude oil prices ($42.48/bbl -$0.97), due to milder weather in the Northeast, and growing optimism about the New Year after reports suggested the economy is likely to grow 3.6% in 2005...

ino.com

The March NASDAQ 100 was higher overnight and is poised to test the previous contract high crossing at 1645. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above 1645 would renew this fall's rally thereby opening the door for a possible test of weekly resistance crossing at 1717. Closes below the reaction low crossing at 1607 would signal that a short-term top has been posted. The March NASDAQ 100 was up 10.00 pt. at 1638.50 as of 5:48 AM ET. Overnight action sets the stage for a firmer opening by the NASDAQ composite index later this morning.

The March S&P 500 index was higher overnight as it extends the rally off October's low. However, stochastics and the RSI are diverging and have turned neutral to bearish hinting that a short-term top might be in or is near. 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 1203.97 are needed to confirm that a short-term top has been posted. The March S&P 500 Index was up 6.00 pts. at 1219.70 as of 5:51 AM ET. Overnight action sets the stage for a firmer opening when the day session begins later this morning.