Reply #13: pre-opening blather

[UpInArms]

briefing.com

9:15AM: S&P futures vs fair value: flat. Nasdaq futures vs fair value: -1.0. Futures trade improves to their best levels of the morning, now suggesting a relatively flat open for stocks... Providing a bit of a boost have been falling bond yields, as the benchmark 10-yr note has recently spiked 7 ticks to yield 4.08%

9:00AM: S&P futures vs fair value: -0.8. Nasdaq futures vs fair value: -2.0. After hitting another record high yesterday, crude oil prices should again be a focal point today ahead of tomorrow's inventories report... However, a modest pullback in oil prices ($58.99/bbl -$0.38) this morning has so far failed to provide much enthusiasm in the futures market, as current indications still suggest a modestly lower start for the cash market

8:30AM: S&P futures vs fair value: -1.3. Nasdaq futures vs fair value: -2.5. Futures indications improve somewhat, but still point toward a slightly lower open for the indices... Improving sentiment have been reports suggesting CNOOC may offer about $20 bln in cash for Unocal (UCL), surpassing Chevron's (CVX) $16 bln bid, while China's Haier Group has joined a group of investors to offer $1.28 bln for Maytag (MYG), exceeding a previous bid from Ripplewood Holdings

8:00AM: S&P futures vs fair value: -1.9. Nasdaq futures vs fair value: -4.0. Futures market versus fair value suggesting a lower open for the cash market... The absence of notable economic data to perhaps set a more positive tone for the market has left investors pondering mixed indications about economic growth as well as upcoming earnings and guidance...

ino.com

The September NASDAQ 100 was steady to slightly higher overnight as it consolidates above support marked by the 10-day moving average crossing at 1543.35. Stochastics and the RSI are turning neutral signaling that sideways trading is possible near-term. Closes above last Tuesday's reaction high crossing at 1557 would signal that the decline off May's high has come to an end. If September extends this month's decline, the 38% retracement level of the April-June rally crossing at 1519.09 is the next downside target. The September NASDAQ 100 was up 1.00 pts. at 1546.50 as of 5:48 AM ET. Overnight action sets the stage for a steady to higher opening by the NASDAQ composite index later this morning.

The September S&P 500 index was steady to slightly higher overnight as it consolidates above the 75% retracement level of this year's decline crossing at 1212. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. If September extends this spring's rally, the contract high crossing at 1235 is the next upside target. Closes below the 20-day moving average crossing at 1207.32, would confirm that a short-term top has been posted. The September S&P 500 Index was up 0.20 pts. at 1220.30 as of 5:50 AM ET. Overnight action sets the stage for a steady to higher opening when the day session begins later this morning.