OPTIONSMART MORNING UPDATE: Looking for new catalysts to go higher
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May 20th, 2009 at 8:21 am
OPTIONSMART MORNING UPDATE: Looking for new catalysts to go higher
1. OUTLOOK: A late selling effort caused stocks to close in mixed fashion. The session's lack of direction followed weak housing data and a pullback by financial stocks. Hewlett-Packard shares fell in after-hours trading Tuesday after the its revenue forecast disappointed investors.In another earnings report, chip maker Analog Devices outpaced Wall Street's targets and gave a bright forecast. Its shares popped 8% after hours. The market is looking for new catalysts to go higher.
U.S.Futures point to a slightly higher open.
2. KEY DRIVERS FOR TODAY:
- HPQ reported in line with Wall Street's estimates
- HD reported earnings that beat expectations
Breaking news: - The Federal Reserve to issue the minutes about the economic outlook
- TGT is to post quarterly earnings before the open
- Economic Recovery Advisory Board to discuss jobs, energy at first public meeting
- Housing starts and building permits recently fell below expectations
- Obama announced stricter fuel economy standards
QQQQ's implied volatility inched lower to 27.6 According to our estimates, the NASDAQ index has a 65% probability to close higher. 2. WISDOM NUGGETS: Don't be a hero. Don't fight the trend. Follow the money flow. 3. TRADING OPPORTUNITY: will be published later this week
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- HPQ reported in line with Wall Street's estimates
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