PRE MARKET ACTION

Major Futures markets are trading near the flat line this AM without much news except for a further drop in the price of crude. Folks will need to assess if that is bullish or bearish for stock markets.

Checking the technicals, the NDX, which has been leading the rally after dipping to its 50 day SMA several days ago, now trades at a very overbought 2 day RSI of 96. I will be watching the semis to get a handle on whether a selloff is near.

In other news, Punk has raised the target for GS to $242; PFE is talking about OTC viagra; VLO and SUN were upgraded to market perform at Bernstein; AAPL is trading down a percent on the CSCO lawsuit; B of A prefers SYK over ZMH and I agree as SYK is a long term holding.