BEEN THERE SEEN THAT

Markets are set to open higher as the NDX Futures are trading about 6 above fair value and the SPX Futures about 3 over.

The picture above looks pretty familiar as the VXO trades about 17% above its 10 day SMA and the OEX at a 2 day RSI of 17. Not quite a buy signal on the OEX but close enough in light of the way over bought VXO stretch.

This pattern has appeared many times and is usually a good short term entry point.

Other news worthy items:

RIMM target upped to $210 at UBS;

AMGN downgraded to equal weight from over weight at LEH;

PIR upgraded to buy at UBS;

Barrons was bullish on CFC LUM CNX STT and bearish on CROX and BX;

Interesting stocks in the IBD 100 include NVDA BWLD BHP NOV GES TSO MTW HOC CAM BTJ RIMM AAPL TEX and ICE;