Wednesday's Wake-Up Call

9:15am (EST) Futures are pointing towards a lower opening on Wall Street this morning as 3Q earnings reports once again set the market’s mood. There are quite a few companies that continue to post better-than-expected results but one thing that is worrisome is that the market is not making HUGE moves. One thing we haven’t seen is the big 300 and 400 point moves the Dow is capable of making and earnings have been super. Our near-term targets remain 2,275 on the Nasdaq and 1,175 for the S&P 500 and 10,400 for the Dow. However, we are getting a little choppy up here and 3Q earnings have been coming in better-than expected. Perhaps the market has already priced in these super earnings but one thing for certain is that we are entering a crucial phase for the market over the next few weeks. Yahoo (YHOO, $17.17), Morgan Stanley (MS, $32.52) and Wells Fargo (WFC, $30.46) all reported better-than-expected earnings yet futures are pointing towards a lower open? Apple (AAPL, $198.76), Google (GOOG, $551.72) and Intel (INTC, $20.18) reported monster quarters but we are not seeing the sizzle from their solid earnings reports. As we head to press, Dow futures are lower by 38, to 9,962. S&P 500 500 futures are off by 4 to 1,083, while the Nasdaq 100 futures are off 7, to 1,751. Subscribers can check the Members Area for the current trade updates…]]>

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Wednesday's Wake-Up Call

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