Wednesday, October 10, 2012

Wednesday 10.10 pre-mkt outlook

The /ES closed yesterday at 1436 and looks like it will open around 1435.

$FDX got a bump up this AM saying it's going to lay all kinds of people off in order to reduce costs, expecting to trim 1.7B in spending. The stock is trading up a close of 85.58 to 88.65. This move will put it above recent resistance at 87. I will be looking at the action on the October 90 call.

$YUM is trading up in the pre-mkt from 66.04 to 69.20. Recent resistance looks to be aruond 67.50 with next resistance at 70. The action on the Oct 70 and 72.50 calls will be something to watch.

$CMI cites a global slowdown and needs to shed workers. Stock is trading down from a close of 90.84 to 86.50 in pre-mkt. 85 looks to be support for the past year. The news could also send $NAV and $CAT down.

$CAT was currently at recent support of 85 (84.75) but is trading lower at 83.70 in the pre-mkt. The $CAT 82.50 weekly puts will be on watch.

$NAV closed at 22.30ish and is trading at 21.60 in the pre-mkt. Recent support is at the 21 level with next support at 20.

$WMT stock is trading at 74.33 in the pre-mkt after closing at 74.22 after a sell-off yesterday. I expect it to trade higher, post 75 based on the $COST earnings beat. $COST is trading about 5% higher and I expect some of that to carry over to $WMT. However, $WMT is having an investor conference today so that could  effect the share price as well.

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