US stock futures once again point to a modestly higher open again Friday, holding above the important 50-day moving average which was reclaimed yesterday by the bulls. Despite a weak earnings report from Research in Motion Limited (RIMM), followed by several downgrades and a sharp decline in the stock price, the Nasdaq is also set to open higher.
After breaking out of a mini-downtrend to make new highs yesterday, priceline.com, incorporated (PCLN) was upgraded with a $610 price target at Citigroup, Inc. (C) and is set to open higher. Look for possible continuation. After a strong two-week bounce up into resistance, the market could use some rest and sideways type action in this area. Although digestion would be healthy, watch to see if bulls can continue to exercise control and squeeze shorts.
For more commentary watch the T3Live.com Morning Call with Kenny Glick below.
*DISCLOSURE: John Darsie is long PCLN.
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