Futures Pointing Towards A Lower Open

9:00am (EST) The bulls and bears are having a battle this week and the action has been intense. On Wednesday, heavy punches were thrown and by the end of the day, the bears had made it 2-to1 for the week. On Monday, the Dow rallied 124 points, Tuesday the Dow fell 47 after being down 84 points. Yesterday, the bears took the Dow down to 9,583, a loss of nearly 160 points, before the bulls brought us back to positive territory shortly after 1pm. We got some more selling pressure by 3pm and the bears pulled out the victory as the Dow closed down 30 points and settled at 9,712. Friday is setting up to be “historic” and we should see a big break either way. A couple of notes for this morning… Moody’s (MCO, $20.46, down $0.35) fell to $19 and we were whip-sawed out of a recent trade but I still think it’s headed to $15. Dust off your Queen albums as CIT Group (CIT, $1.21, down $0.99) looks like it will be the next one to “Bite the Dust”. The company appears to be headed for bankruptcy. Bank of America’s (BAC, $16.92, down $0.24) CEO, Ken Lewis, can ditto that. He was last seen singing backup vocals as he gave up the head gig after coming back from vacation. This ought to be pretty good news for the stock today. We have had some great success trading BofA this year and although the timing is now right, the stock should be in the $20’s sometime in early 2010. And finally, Nike (NKE, $64.70) had a banner day and thanks to all of you who emailed us to tell us your good fortunes. A lot of you made upwards of 200% and a lot of you banked up to 75% by playing it safe. This trade felt so good when I was typing it that I knew it was going to be golden. In fact, my fingers are tingling now as I have another trade ready for you this morning. Subscribers, check the Members Area for a New Trade on Abercrombie & Fitch (ANF, $32.88, down $0.39) and for the Current Trade Updates. As we head to press, Dow futures are down 28, S&P 500 futures are down 4 while the Nasdaq 100 are down 6. Rick@MomentumOptionsTrading.com]]>

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Futures Pointing Towards A Lower Open

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