Good morning. Futures are a touch lower, the sp -1pt, we're set to open around 1385. This will probably be a very disappointing open for the bears, after the ratings downgrade of France last night.
Primary upside target is sp'1425, to be hit early next week.
A downgrade of France, and the market is holding up fine. Yet, it is to be expected. Yesterday the was first major up day in a fair while, it will be difficult to reverse that level of momentum after just one day.
I will remain on the sidelines until next week, and will wait for a re-short in the low 1400s, which may occur as early as Monday.
*Bernanke speaks later today, bears should be very mindful of that.
It is very viable we'll hit sp'1400 late today, or certainly..during tomorrows session.
Good wishes for Tuesday trading!
UPDATE..stock of the day (see fair value stocks at the close)..will have to be HPQ, which is -9% in pre-market, after lousy earnings, and talk of fraud.
As I wrote just last week, the company is an embaressment. Primary target is $10, and then I expect HPQ to be removed from the Dow in second half of 2013.