Morning folks. Market looking like we might have flat to slightly higher opening today. Commodities are looking flat this a.m. except for oil which is seeing a .5% pop so far. The market was weak pretty much from the getgo yesterday the gap down pretty much set the low of the day and then we had a nice uptick for most of the morning. Traders hate looking to washington for direction and that uncertainty is whipping the market around a bit. Regardless as shorterm traders big gap downs are gifts to us. We had one of our hottest days in chatroom yesterday nailing big trades in ATRN (thanks szaman he was on fire yesterday) FFN and others. Overall it could have been much worse from the way people were talking this weekend. In the end i considered yesterday a non even and we will probably have a few more like that for the next couple weeks.
Its important to remember the big picture in things. Even with a bad news cycle the major indexes are all within a quick thrust from breaking to new highs. and the NAsdaq 100 is starting to already peek through yesterday.
there were a lack of setups last night when i looked. thats ok as its earnings season between earnings breakouts and pr releases we should be able to find some movers for the day. I like to goto yahoo finance INPLAY section in the morning to check out pr releases see whats popping.
Keep an eye on $app it had a pr out today.. the pr is not that good in terms of added sales to their total revenues but there are enough shorts in it where daytraders might try to squeeze them. breaking over 200dma premarket.
Bidu also looking strong this premarket. Keep an eye on $denn and $renn both are looking like they could squeeze anyday