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;