Democratic Underground - pre-opening blather

briefing.com

9:00AM: S&P futures vs fair value: +1.3. Nasdaq futures vs fair value: +5.0. Still shaping up to be a slightly higher open for the cash market... The dollar continues to rebound against the yen ($104.77), after a report showed that Japan's economy grew less than expected in Q3, and against the euro ($1.3208), following overnight profit taking

8:30AM: S&P futures vs fair value: +0.8. Nasdaq futures vs fair value: +3.0. Cash market still poised for a flat to modestly higher open as futures indications continue to stall at current levels... Merck (MRK) reaffirms Q4 & Y04 guidance, but issues Y05 earnings of $2.42-2.52, below analysts' expectations of $2.58... CSFB assumes coverage of the US Major Pharmaceuticals Group with a Mkt Weight for the sector... In turn, Banc of America has downgraded several semiconductor stocks...

8:00AM: S&P futures vs fair value: +0.5. Nasdaq futures vs fair value: +4.0. Futures market versus fair value suggesting a flat to slightly higher open for the cash market (10:30 ET)... Crude oil falls below $42/bbl ($41.79/bbl -$0.67) ahead of this morning's EIA weekly inventories report... Texas Instruments (TXN) narrows Q4 guidance while Seagate Technology (STX) issues upside Q2 guidance... IBM agrees to sell its PC business to Lenovo for $1.25 bln... There are no economic reports today

ino.com

The March NASDAQ 100 was higher overnight due to short covering as it consolidates some of Tuesday's decline. However, stochastics and the RSI have turned bearish hinting that a short-term top has been posted. Closes below the 20-day moving average crossing at 1588.65 are needed to confirm that a short-term top has been posted. If March extends this fall's rally, weekly resistance crossing at 1717 is the next upside target. The March NASDAQ 100 was down 5.00 pts. at 1606.50 as of 5:47 AM ET. Overnight action sets the stage for a steady to firmer opening by the NASDAQ composite index later this morning.

The March S&P 500 index was slightly higher overnight due to short covering as it consolidates some of Tuesday's decline. However, yesterday's close below the 20-day moving average crossing at 1181.88 signals that a short-term top has been posted. Stochastics and the RSI are diverging and have turned bearish signaling that sideways to higher prices are possible near-term. If March extends Tuesday's decline, the reaction low crossing at 1171 is the next downside target. The March S&P 500 Index was up 0.5 pts. at 1180.40 as of 5:55 AM ET. Overnight action sets the stage for a steady to firmer opening when the day session begins later this morning.

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