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Stock futures mixed

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Stock futures are mixed this morning after traders took yesterday off for the Christmas holiday. S&P futures are currently trading lower by 2 points at 1,144. NASDAQ futures are higher by 3 points at 1,588, while Dow futures are off 35 points at 10,005.

Amazon and Yahoo rally in pre-market

Shares of Amazon.com (NASDAQ:AMZN) and Yahoo! Inc. (NASDAQ:YHOO) are both being bid higher this morning. Analyst Safa Raschtchy at USB Piper Jaffray said his analysis of full-holiday traffic and purchases on Amazon's (AMZN) site showed continued strength in units purchased and a "surprise increase" in electronics prices. As a result, Mr. Raschtchy said he expects AMZN to meet or beat his revenue target, and meet his profit target. On Monday, shares of AMZN finished the session at $9.82 and trade near $10.63 in this morning's pre-market.

Shares of Yahoo! Inc. (YHOO) are trading $1 above Monday's close of $16.65 at $17.65 in pre-market action after the company said holiday sales volumes increased more than 86% over the same period a year ago. The company added that its users spent a total of $10.3 billion during the fourth quarter.

Other tech mixed

Shares of networking giant Cisco Systems (NASDAQ:CSCO) are inching higher by 8 cents in pre-market trading to $18.20, software maker Microsoft (NASDAQ:MSFT) is bid higher by 16 cents at $67.41, while semiconductor bellwether Intel (NASDAQ:INTC) is fractionally lower than Monday's close at $32.00.

Light volume expected

Much of Wall Street will be taking the rest of the week off for an extended holiday so broader market volume is expected to be light. There are no earnings to be reported this week and no economic data due out today. Tomorrow's calendar has consumer confidence being released, with many economists expecting a number near 82.7, which is basically unchanged from November's reading of 82.2.

Jeff Bailey
Senior Market Technician
Option Investor

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