The market is set to open up this morning as news of Bear Stearns possibly getting a higher bid of $10 a share from JP Morgan has everyone feeling positive.
The S&P 500 looks to open up about 1% and alongside it the NASDAQ. This will put both indices above their current horizontal channels, a bullish sign.
Elsewhere retailer Tiffany's (TIF) beat out its earnings and is up some 9.5% in pre-market trading after posting Q4 earnings of $1.27 a share. This is up 31% from the prior year and 6 cents ahead of views.
On the economic calender existing home sales are due out at 10 AM today, with the street expecting a drop to 4.86 Million.
Current market outlook:
- Short Term: Uptrend
- Medium Term: Downtrend
- Long Term: Downtrend
It's really amazing how a simple announcement can reverse the markets direction in a heart beat. This weekend had everyone gearing up for a lower open, and the news immediately propelled everything upward! Wow.
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Best regards from Sebbi