Sorry for getting this out to you so late this morning, I had a two-year old son up late last night ‘teething’ so I was the designated ‘pillow’ for him to lay on and he decided that he would sleep in a bit this morning – I’m not complaining though. Nonetheless, we have some positive momentum heading into the open as the Dow is up 33 points, the Nasdaq up 5 points, and the S&P up 4.5. Research in Motion (RIMM) and Oracle (ORCL) both beat earnings expectations and should provide a nice base for the market to work from today. It is also options expiration day and we could see some nice volatility – better yet it is quadruple witching, which only occurs about four times a year. It is a day in which stock index futures, stock index options, stock options and single stock futures all expire.
No other ecnomic reports to look out for today, and as we head into next week, look for volume levels to drop off significantly due to the Christmas Holidays.
Overnight Asian markets were noticeably off, while European markets, bounced back nicely posting gains of as much as 0.7%.
Here are Today’s Trade Setups…
Bullish Candle Setups: IPCM, TWI, SSI, ANDE, DISCK
Bearish Candle Setups: HXL, PHD
Stocks Ready to Bounce: GOK, DEER
Stocks Ready to Pullback: APA, JAVA, UNH, SAI, KCI, CYH, BMI, KMR, NWSA, JWA, MMSI
Breakout Stocks: None
Breakdown Stocks: AVP, NFLX, AUY, TRV, CDE, MS, IAG, TAP, RNR, AVY, JGT, HTH, MSTR