PRE MARKET ACTION

Markets are set to open lower on the heels of the crummy reaction to IBM's earnings release last night and crummy reactions to just about all earnings news. Just wondering if the sell siders will come out next week screaming about unwarranted selloffs in INTC GE AAPL IBM etc. and its time to buy.

The DJIA Futures are about 40 points below fair value while the NDX and SPX Futures are also lower.

Gapping up this morning are JDSU NUAN HYTM SMOD HOKU SLB NITE AKAM RACK STM; gapping down are CWTR IBM CAMD SAY XMSR GE NOK QGEN RAD MOT SIRI and the long forgotten KRY.

The MGM target is raised at UBS to $79 from $63 and they say "it remains their favorite stock among gaming operators and views MGM as both a concentrated play on the Las Vegas strip and a lower risk/reward profile for exposure to Macau vs. LVS and WYNN.

I suspect more market selling today with a bounce set up nicely for next week. For what its worth.