Good morning to you! It looks like we may be seeing some weakness heading into the open. The Dow is currently down 19 points, and the NASDAQ and S&P are each down 4.25 and 2.25 respectively. Overnight, the Asian markets saw losses in the range of a half percent, all the way up to one percent. The European markets are currently trading just slightly in the green.
As with any Thursday, we have the Jobless Claims coming out later this morning at 8:30am EST. Before that though we have MBA Purchase Applications at 7am.
We actually made a new high in teh S&P yesterday, crossing 1100 briefly, before pulling back. It will be interesting, now that a new high has been reached, if the bulls lose interest once again and left this market go lower as it has done several times of late.
Happy Trading Folks!
Here are Today’s Trade Setups…
Bullish Candle Setups: MYRG, PIM
Bearish Candle Setups: RBA, DRQ (very nice engulfing pattern on high volume), ED, ECH, HOO, HRBN
Stocks Ready to Bounce: COGT, SAPE, CCOI, RRGB, OCN, ALSK
Stocks Ready to Pullback: NONE (interesting!)
Breakout Stocks: WMT, GLW, CCI, SBAC, NM, ADY
Breakdown Stocks: SIGM, SMMX, SCS