10/19/2010 premarket | Bulls on Wall Street

10/19/2010 premarket

 
 
Morning friends. Futures are under some pressure on the back of earnings reports reaction namely AAPL and some others along with the Chinese raising interest rates (to cool their overheated property market).
 
Oil is getting nailed down 1.5%.  Keep an eye on that NEP i mentioned gosh knows how many times that its due for a big pullback. I wouldnt be surprised to see a 6.8-7.00 print on it soon.  buy low sell high.
 
No big data reports out today but there will be a ton of earnings reports to digest and decipher
 
 
the big keys to today.. Will buyers step in the afternoon and buy this dip or will there be follow thorught. Thats the key. typeically over the last month late afternoon we have been getting saved by late day buyers. One down day doesnt make a new trend but if we are down nicely and we get “followthrough” tomorrow tahts our tell.
 
remember in any uptrend there are numerous pullbacks to the 20dma. We havent had that yet.  So a succesfful pullback to the 1150 level on spx is no big deal if we can hold.  Keep an eye on that number.

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