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Turning on a dime. Make that 0.2%

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Stock futures were lower earlier this morning, but when today's revised Gross Domestic Product "GDP" numbers were released, stock futures turned higher. Revised GDP came in a 0.2%, which was slightly higher than expectations of flat to up 0.1%. While today's revised number is lower than the previously reported GDP number of 0.7%, the 0.2% growth was not as bad as many feared.

Futures got a boost

Currently we're seeing S&P futures (SP01U) trade higher by 2.8 points to 1,166. NASDAQ futures (ND01U) are higher by 7 points to 1,541 and Dow futures (DJ01U) are up 32 points to 10,270. Fair value for the S&P 500 today is $1.92. HL Camp & Company has their computers set for program buying at $3.04 and set for program selling at $0.50. Fair value for the NASDAQ-100 today is $3.75.

Fuel Cell Energy

Shares of FuelCell Energy (NASDAQ:FCEL) posted a 3rd quarter loss of $0.08 a share, which was better than analysts expectations looking for a loss of $0.19. While losses grew compared to year- ago losses of $0.04 a share, revenues were up 85% to $7.6 million. Yesterday, shares of FCEL went out at $13.32 and are trading near the $15 level after this morning's earnings announcement.

FuelCell Energy Chart

Shares of FCEL look like they're going to get a "pop" this morning, but the technicals of this stock's chart are less than favorable for getting bullish. I'd watch the stock close and their might be a short/put opportunity on a rally near the $20 level.

USB Piper Jaffray downgrades Comverse Technology

This morning, Piper is downgrading shares of Comverse Technology (NASDAQ:CMVT), saying visibility is decreasing and backlog is weakening for Israeli telecommunications software maker. Yesterday, CMFT reported earnings of 15 cents (including charges) on revenues of $345 million. Yesterday, shares of CMVT closed at $28.55 and are trading at $26.90 in pre-market activity.

Jeff Bailey
Senior Market Technician

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