US stock futures are set for a higher open this morning as investors shrug off the latest earthquake in Japan. Yesterday, news of another substantial quake shook Tokyo and re-introduced fear back into a complacent market, but reports are that there was no significant damage from this quake, including the still-volatile nuclear reactors. Precious metal and oil prices also continued their ascent overnight. The US budget deal negotiations are in the final stretch, as a government shutdown would begin at midnight without a deal.
Wednesday some of the high-flying momentum stocks in this market pulled in, but not all that much. Yesterday many held up during the earthquake frenzy, and many still seem buyable after working off some of their overbought condition. Stocks like Sohu.com, Inc. (SOHU) are set to open back near highs and potentially blast off once again.
Here are the charts from Scott Redler’s T3Live.com Morning Pricepoint Sheet:
SPDR S&P 500 ETF (SPY)
Apple Inc. (AAPL)
Lockheed Martin Corporation (LMT)
Chesapeke Energy Corporation (CHK)
China Shen Zhou Mining & Resources Inc. (SHZ)
SPDR Gold Trust ETF (GLD)
Baidu.com, Inc. (BIDU)
*DISCLOSURE: Scott Redler is long GLD, SHZ, REE, AAPL, WFC, JPM, BAC, F, V, CHK, LMT, FCX, RBY, AUY, BIDU. Short SPY, NYX.
This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs. Visit the T3Live Homepage, Virtual Trading Floor, and Learn More About Us.
