MomentumOptionsTrading.com Morning Update for 9/29/09

9:15am (EST) Futures are pointing towards a slightly lower open this morning as Wall Street prepares for the latest batch of economic reports today. The Dow rallied more than 120 points yesterday as M&A (merger and acquisition) activity took center stage once again. The rally could be short-lived if today’s economic news is weak. Today, we get consumer spending which is due at 10am and before the bell we get the Standard & Poor’s/Case-Shiller home price index for July. Ahead of the opening bell, Dow futures are lower by 5, to 9,723. S&P 500 futures are down 2, to 1,067, while the Nasdaq 100 futures are off by 7, to 1,715. In earnings news, Walgreen (WAG, $34.19) is up $3.40, or nearly 10%, in early trading after it reported earnings of $0.47 a share, which was 8 cents better than Wall Street’s estimates. Revenue for the quarter was $16 billion, which easily beat estimates. Nike (NKE, $59.00) reports after the bell today and there will be plenty of positioning before the closing bell as traders bet on the company’s earnings. Subscribers, check the Members Area for the trade updates. Rick@MomentumOptionsTrading.com]]>

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MomentumOptionsTrading.com Morning Update for 9/29/09

CFTC Disclosure: