Pre-Market 11/28/2011

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Morning folks. Looks like we got a massive gap up today as rumors circulate that the IMF will be willing to loan the Italians 800 billion + (money they dont have). Overseas markets were also very strong

European markets are higher in afternoon trading. Britain’s FTSE 100 added 2.2%, Germany’s DAX gained 3.2% and France’s CAC 40 added 3.8% on the session.
Asian stocks ended the session higher as well. China’s Shanghai added 0.25%, Japan’s Nikkei 225 gained 1.56% and Hong Kong’s Hang Seng Index added 1.97%.

This is a bit tricky due to the size of the gap right now this rumor is not been validated but it doesnt necessarily matter the market has been itching to bounce and just needs a bit of a nudge. With this gap up key level to watch on the s&p will be the 50 day moving average 1205 area. For downside risk Fridays low will need to hold. Buying this open will be a bit tricky as its such a big gap follow through will be key my plan is to wait a bit see if the gap holds or we get an easy buyable pullack intraday Ill put some money to work. Almost our whole watchlist will have gapped up 10% or so we have to make sure not to chase but to wait for an intraday setup this market could turn on a dime as right now we just got a rumor…if its true then will have a multiweek rally and missing the first 1/2 of the first day will be no big deal.

if you havent checked this mornings watchlist make sure to!