Bears Trying to Hold Resistance

9:00am (EST)

The market is pointing towards a lower open this morning to start the holiday-shortened week on concerns over the health of a few European banks. There isn’t much economic news or earnings releases scheduled to hit Wall Street this week so trading could be tricky. Although news will be light, Wednesday could be pivotal as the Fed will release its latest beige book report on regional economic activity.

The bulls will be trying to continue their momentum following a 3-day rally off last Tuesday’s lows while the bears look to hold key resistance levels. Across the pond, European markets are trading lower following a report said the country’s major banks have more potentially risky government debt on their books than was disclosed during the “stress tests” a couple of months ago..

In corporate news, Oracle (ORCL, $22.92, up $0.44) is up nearly 8%, to $24.67, in pre-market action after they announced it was hiring ex-CEO, Mark Hurd. The former CEO of Hewlett-Packard (HPQ, $40.34, up $0.66) resigned in August after a probe into sexual harassment allegations but could pump new life in Oracle.

As we head to press, Dow futures are down 50 points to 10,386 while the S&P 500 futures are lower by 6 points to 1,097. The Nasdaq 100 futures are off by 10 points to 1,857.

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Bears Trying to Hold Resistance

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