With the futures currently trading down about .5% and Europe off about 1.5% things at this time point to a lower open. However, we have the ADP jobs data before market open and the ISM Non-Manufacturing PMI number about 1/2 an hour after the market opens. I used to be able to plan ahead based upon the futures overnight and looking at what Asia and Europe did, but those days are temporarily gone. Based upon some research last night, here’s what I’ll be looking at this morning in the market.
- $ALXN – Broke through the 200MA yesterday on increased volume and is at resistance of a downtrend since mid-September of 08.
- $BCR – Had good volume yesterday as it broke through the 50MA and approaches a gap fill from an earnings miss. Another long wedge at resistance from mid-September.
- $SVU – broke through the 200MA on Monday and had a bit of a pullback yesterday. I’ll be watching this one to see how it reacts to near-term support and the 200MA.
- $RCII – ( a little light on the volume) broke the 50MA and looks like it wants to fill a gap from an earnings miss.
- $INTU – At near-term resistance looking to break above $28
- $CRM has filled the gap from an earnings miss and the volume began to wane as it did. Looking for a close under the 50MA.
- $RRGB – Looks like a classic bear pullback into the 200MA post earnings.
- $XLV – Healthcare is having issues here and this is a decent way to participate.
- $GME – Pulled back to 50MA on an earnings miss and looks to be on its way to test those lows under $22 with good volume.
Depending upon how the market reacts to the ADP number will help some, but witht he ISM number coming out at 10 I’ll more than likely wait 10-15 minutes beyond that before “opening shop.” However, some setups I have pending will be short lived and could fire at the open such as a potential gap fill, etc. With the markets closing up 4 days in a row and ahead of the Non-farm payrolls on Friday (and 9% unemployment) I wouldn’t be surprised to see a bit of profit taking.