10/12/2011 Premarket wrap

Morning folks. Futures looking looking positive this morning following strength in the overseas markets.

• European markets are higher in afternoon trading. Britain’s FTSE 100 gained 0.54%, Germany’s DAX added 1.45% and France’s CAC 40 jumped 1.55% on the session.
• Asian stocks ended the session mixed. China’s Shanghai jumped 3%, Japan’s Nikkei 225 lost 0.4%, and Hong Kong’s Hang Seng Index added 1%.

The spy is up .81% premarket so far. gold, silver, oil all up over 1% across the board.   WE have no major economic data coming out today so a pretty clear day for news.  There is some fedspeak this afternoon as the fed is releasing the minutes FOMC from its last meeting along with some of its board giving speeches.  So far we have had some great strength for the past 6 days we are very overbought shorterm but the market on shorter timeframes has shown no signs of breaking down as no true support levels have been tested.  If we do get a pullback i will be watchhing closely the 50dma on the S&P.  We should open around s&p 1200 which if we can thrust past would take us to the top of the range that we have been in the past 2 months s&p 1220s-1230 zone.

At this moment im holding a few swings to the longside as the market has been gapping everyday to the upside making swinging more profitable then strict daytrading but im definately prepared for a market dip and will be tight with all stocks.