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Futures paint mixed to higher open

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Stock futures are mixed this morning, but current levels are above fair value so traders are looking for a modestly higher open. Currently we're seeing S&P futures trade higher by 1 point at 1,154. NASDAQ futures are higher by 6 points at 1,607, while Dow futures are down 7 at 10,110.

Fair value for the S&P 500 today is $1.60. That price does not change during the trading session. HL Camp and Company has their computers set for program buying at $2.80 and set for program selling at $0.10.

Crude Oil backs off from yesterday's gains

Crude futures are backing off this morning and trading lower to $20.82 in the March 2002 crude oil contract. Many believe OPEC will indeed cut production near-term by 1.5 million barrels per day, but some participants remain skeptical that non-OPEC countries will cut their production the needed 500,000 barrels per day to move OPEC countries to cut a full 1.5 million barrels. Some feel that OPEC may not cut production by 1.5 million barrels if non-OPEC countries don't "suffer" some of the same drop in cash flow with production cuts.

Jobless claims

Jobless claims number that was scheduled for release today has been postponed for release until tomorrow due to the recent holiday.

Tax loss selling

Ladenburg Thalmann issues a brief list of stocks that could be impacted by tax loss selling into the end of the year. CMVT, OPWV, GHM, FTUS, KM and NMG.a.

Jeff Bailey
Senior Market Technician
Option Investor

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