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Stock futures indicate higher open

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Stock futures are higher this morning as S&P futures trade higher by 1 point at 1,140. NASDAQ futures are higher by 9 points at 1,657 and Dow futures are up 20 points at 9,935.

Fair value for the S&P 500 today is $0.38. HL Camp & Company has their computers set for program buying at $1.32 and set for program selling at $-1.06. Fair value for the NASDAQ-100 today is $1.35.

FOMC expected to cut 25 basis points

Late today the Federal Open Market Committee is expected to cut interest rates 25 basis points, which would lower the federal funds rate to 1.75% from the current 2% rate of interest. Should the fed follow through with a rate cut, this would be the 11th cut this year.

Nokia rallies in pre-market

Shares of the worlds largest handset maker Nokia (NYSE:NOK) are being bid higher by $1.71 to $25.50 after the company said that its fourth-quarter earnings are expected to come in at the top- end of its forecasts, if not exceed them. Nokia is expected to report earnings in mid-January and a survey by Zacks has analysts estimating the company to earn $0.17 a share vs. $0.22 in the year ago period.

Kroger meets estimates

This morning, grocer Kroger (NYSE:KR) reported 3rd quarter earnings of $0.32 a share, in line with estimates. For its 4th quarter, the company said it sees EPS of $0.48-$0.48, which would be below estimates of $0.51. The company said it continues to see softer-than-expected sales in jewelry, floral, and general merchandise categories because of the recession.

Jeff Bailey
Senior Market Technician
Option Investor

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