PRE MARKET SUPPORT
Markets are set to open lower on the heels of a dip in crude (lol) and crushed Asian markets which are taking the brundt of the commodity heat.
The area of support to watch on the SPX is the 50 day SMA as it will be only a few points away as the Futures are set to open down 6 or 7 points. The obvious area of support becomes 1,400 and it will be watched closely by blogger and technician alike.
In the news, EK is taking charges and reducing the size of the workforce in Rochester; AAPL's target is raised to $118 at UBS; reuters reports that INTC will supply the AAPL IPHONE processor; the trade balance came in at $58.2 B v $59.5 B consensus; SHLD reports comps on SSS declined for KMART and lawn and garden /appliance supplies at Sears; GTRC guides below consensus; MOT downgraded to HOLD at Jefferies; TIF guides in line; and for the Cramer fan, he is bullish on DIS MCD OMTR MPEL and SHLD and bearish on NYB SIRI CHTR and CNXT.
And check out Adam's take on the ETF's, which I am in complete agreement.
posted by DAVID at
8:45 AM
1 Comments:
Interest note on briefing:
BWS Financial notes there are reports out this morning stating that Apple Computer (AAPL) is using a processor from Intel (INTC) to power the new iPhone. However, they note that INTC sold their mobile processing business to MRVL in late 2006. They say INTC was very likely the provider of processors to AAPL during the development of the phone, but this business is now owned by MRVL who would see the benefits if the iPhone is as successful as expected. The firm says reaction in MRVL shares has been muted this morning, as it may appear that the market might have forgotten that MRVL acquired the mobile processing business from INTC that as a consequence caused the decline in MRVL shares.
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