Stock futures are edging lower this morning as S&P futures (sp02h) trade lower by 2 points at 1,146. NASDAQ futures (nd02h) are down 2.5 points at 1,591 and Dow futures (dj02h) are down 10 point at 10,035.
Fair value for the S&P 500 today is $1.64. HL Camp & Company has their computers set for program buying at $2.84 and set for program selling at $0.14.
Shortened trading session
Today's trading will be a short one as stocks close for trading at 01:00 PM EST.
From high in the Rockies, Coors goes across the pond
Adolph Coors Company (NYSE:RKY) announced it will buy U.K. based brewer Interbrew's Carling division in a deal valued at $1.7 billion. Coors said it plans to finance the deal with $200 million in cash, and the remainder through additional bank debt and public debt. Coors' chairman Peter Coors said, "This deal represents a strategic opportunity for Coors to participate in one of the world's largest beer markets with an already successful business platform."
Adolph Coors Company Chart -
A "cup and handle" pattern is developing in the chart of RKY and bullish traders may take action on a move above the $60 level. From there a stop should be place just under the "handle" at $55.
The point and figure chart of RKY is also bullish, with a vertical count currently indicating a longer-term price objective of $92. Bearish resistance trend currently resides at $61. Coors has "built" a long column of X's from $44 to $59, so traders should be using a break below the "handle" on the above chart or rising 50-day MA at $53.32 as a stopping point.