Pre-Market 1/9/2011

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Morning folks.  Market looking like a flat opening as we have been consolidating for a week now.  Earnings season is upon and we will need some positive action to come out of the group thats returning as the market starting to digest recent economic data of last week without any pop.     Really besides the first day of last week we just consolidated the rest of the days it will be important to get some follow through at some point this week and test those october swing highs.  At the moment we have some well defined boundaries with good amoutn of support underneath with the 200, 20, and 50 day moving averages riding up under for support and the october swing highs as resistance.  We are boxed in just looking for a thrust either way will let us know if the rally has legs or we having another swing reversal.

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Lot of bios gapping up on INHX Buyout news . lot of these stocks will be in play off the buyout many of them are gapping up though so its important not to chase as those gaps will fill back the other way.

[screencast url=”http://screencast.com/t/NAly5jDLFTgK” width=”” height=””]  smsi, achn, ram all on watch for intraday setups