This is still option expiration week, so we will see artificial support throughout the day. There are also a few stocks that are doing well pre-open, such as QCOM, BRCM and C. Trade around this, but the bias might have shifted to sell the rallies. CAT carries a big stick in the DOW. GOOG and MSFT are major NDX/QQQQ components. It's going to be tough for bulls even with opex shenanigans.
SPX options close a day early, which is why we often see strong upside moves on Thursday if the pin warrants it. Obvioulsy, they wanted to nail 1550. In that light, yesterday's rally now seems suspect. Nevertheless, financials could get a lift from the C news, watch XLF at the open. For the DOW, watch stocks like JNJ, which usually fare better than others in slowing economies. If they flock to that one, take the tip.
SPX options close a day early, which is why we often see strong upside moves on Thursday if the pin warrants it. Obvioulsy, they wanted to nail 1550. In that light, yesterday's rally now seems suspect. Nevertheless, financials could get a lift from the C news, watch XLF at the open. For the DOW, watch stocks like JNJ, which usually fare better than others in slowing economies. If they flock to that one, take the tip.
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on Friday, July 20, 2007 at 7/20/2007 08:32:00 AM.
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