US stock futures are set to open slightly higher Friday, capping off another week of strong gains. Strong tech earnings have been the catalyst for the rally back to new highs, but Research in Motion Limited (RIMM) continues to illustrate that not every company is headed in the right direction. After another poor quarterly report, RIMM is trading down nearly 15% this morning, and the analysts are piling on with massive price target downgrades. The most notable was Jeffries, which slashed its price target to $35 from $80.
After a steep rise over the past two weeks, its hard to chase stocks in this area, at least in the short term. Some sideways action here at new multi-year highs would be a healthy step for the rally moving forward.
*DISCLOSURE: Scott Redler is long GLD, WFC, JPM, CIEN. Short SLV, REDF.Â
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