The futures this morning are positive along with the DAX indicating an up open for the markets. However, both the market condition scans and the market bias indicators are both showing no directional bias, which suggests that the price action during the day will likely be choppy.
An interesting development is the decision by the Chicago Mercantile Exchange (CME) to accept gold as collateral for trading. This week we continue with earnings season with Apple Computer (AAPL) and Texas Instruments (TXN) reporting after market close. Once again, investors will be looking for revenues to be increasing in concert with earnings. When revenues are flat to slightly down, but earnings are up, this usually means cost-cutting and maybe even some balance sheet manipulation. Guidance will also drive expectations for stock prices so watch for this.
Index | Change | %Change | Level | Phase |
TSX | +0.25 | 0.00% | 11504.76 | Bullish |
DJIA | -67.03 | -0.67% | 9995.91 | Bullish |
Nasdaq | -16.49 | -0.76% | 2156.80 | Bullish |
SP 500 | -8.88 | -0.81 | 1087.68 | Bullish |
Russell 2000 | -7.16 | -1.15% | 616.18 | Bullish |
NYSE | -70.09 | -0.97% | 7133.96 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias
Energy: weak
Primary Trend: sideways to up
Sector | Phase |
Consumer Staples | Bullish |
Healthcare | Bullish |
Technology | Bullish |
Utilities | Bullish |
Energy | Bullish |
Financials | Bullish |
Industrials | Bullish |
Materials | Bullish |
Consumer Discretionary | Bullish |
Source: Telechart
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