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Stock futures fractionally red

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Stock futures have been bouncing around the unchanged level this morning, but currently are trading below yesterday's closing values. S&P futures (sp01z) are down 2 points to 1,012, NASDAQ futures (nd01z) are off 10 to 1,148 and Dow futures (dj01z) are 30 points lower to 8,580. Fair value for the S&P 500 today is $3.12. HL Camp & Company has their computers set for program buying at $4.26 and set for selling at $0.94.

Jobless Claims higher than expected

This morning's jobless claims number came in showing an increase of 58,000 new claims for the week ending 09/22 and bringing the total jobless claims number to 450,000. This is higher than many analysts forecast for jobless claims of 387,000.

Durable Goods

Orders for all durable goods fell 0.3% in August after having fallen 1.1% in July. Orders for transportation good plunged 2.1% due to the recent terrorist attacks while orders for computers and electronics rose 1.6%, marking this groups first gain in six months. Excluding transportation, orders for durable goods actually rose 0.4%, the first increase in three months. Shipments of durable goods fell 1.2% after falling 0.2% in July. When shipments decline, worry about inventories then arises. However, in August, inventories of durable goods fell 0.7%, the seventh straight decline.

Raising stop on Suiza Foods

Bullish traders that may have played PremierMarkets.com bullish play in Suiza Foods (NYSE:SZA) from September 19th's profile at 57.01 need to be raising their stops this morning to the $61.50 level. When profiled, we felt the stock had a chance to achieve its bullish vertical count of $63 and the stock did that yesterday. While the stock can always exceed its bullish price objective, current market conditions should have traders looking to book profits, not letting them erode.

Suiza Foods - $1 box

A milk moustache and a smile is what bullish traders have gotten from Suiza Foods (SZA) in recent sessions. Traders should be looking to lock in some gains, just in case the broader market action has bulls "souring" and a pullback occurs.

Jeff Bailey
Senior Market Technician

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