Premarket 12/28/2011 | Bulls on Wall Street

Premarket 12/28/2011

Morning folks!  Market looking at a slightly higher opening with the SPY up .16%. Not much action so far premarket looks like potentially another listless day as traders are taking holiday.  We do not have any major economic data today that could move markets.  Not much action overseas

  • European markets are mixed in afternoon trading. Britain’s FTSE 100 gained 0.63%, Germany’s DAX lost 0.02% and France’s CAC 40 gained 0.51% on the session.
  • Asian stocks ended the session mixed. China’s Shanghai added 0.19%, Japan’s Nikkei 225 lost 0.2%, and Hong Kong’s Hang Seng fell 0.59%
As the S&p is now over the 200dma anytype of chop this week is ok as long as we hold above support. The russell2k is also at a very key leve 750 if we can thrust past that a run to the 200dma would be in the cards.  Its important to see the nasdaq and russell get some momo. in true market runs you want to see tech & smallcaps leading the way that tells you that risk is being taken.  Right now we have old companies like VZ and utilities  making new highs. Thats not the leadership that you want to see and is a slight redflag.
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Keep an eye on the action today if there is nothing goign on like yesterday it tends to be a commision stealer. Only people that make money are the brokers as we jump in from trade to another looking for a mover.  There will need to be some catalyst for plays so keep an eye on earnings, pr, gappers, tax loss sellers those should still ahve some action.
not to many gappers today. $emkr $ftk are interesting.  keep those on watch
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