Premarket 11/7/2011

Morning folks. Market looking like a slight gap down with the spy down about .5% in premarket. Surprise surprise! Europe is back front and center with rumors that the Italian Prime Minister may resign compounded with rumors that the Italian Prime Minister may not resign..hmmmmm.

European markets are lower in afternoon trading. Britain’s FTSE 100 lost 0.6%, Germany’s DAX slid 0.5% and France’s CAC 40 lost 0.7% on the session.
Asian stocks ended the session lower as well. China’s Shanghai lost 0.7%, Japan’s Nikkei 225 slid 0.4% and Hong Kong’s Hang Seng Index lost 0.8%.

WE got a light day on the economic news with just 1 report out September Consumer Credit is set to report at 3:00 p.m.

With no major economic news or reports today the market will be mostly guided by rumors overseas along with a fresh batch of earnings reports. Right now we are in a bit of no mans land in the markets. We are right under some big resistance (200dma) that will be our 1st target to the upside while we use last weeks lows of spx 1215 as our big level of support. Till we break below that range I’ll still be playing setups on the longside and will give the bulls the benefit of the doubt

Earnings breakouts are still working and the goto play the past month. Some good gappers every morning that have made for great daytrades. Keep an eye on