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Stock futures in the red

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Stock futures are in the red this morning as S&P futures trade down 8 points at 1,141. NASDAQ futures are down 34 points at 1,590 and Dow futures are lower by 62 points at 9,865.

Fair value for the S&P 500 today is $1.08. HL Camp & Company has their computers set for program buying at $2.40 and set for selling at $-0.14. Fair value for the NASDAQ-100 today is $5.05.

Consumer Prices fell 0.2%

Consumer prices fell 0.2% in December as today CPI data came in a little lower than economists expectations of unchanged. The core rate was inline with consensus estimates. Business inventories fell 1.0% in November, a bit below the 0.6% estimate. These reports had little impact on this morning's pre-market trading.

Later this morning at 09:15 we'll get Industrial Production numbers and this is going to be the key number today and could impact futures before the opening of trading. Economists are looking for a number of unchanged. Also due for release at 09:15 is capacity utilization and economists expect a number near 74.6%.

Changes to S&P 500

Standard & Poor's announced that Plum Creek Timber (NYSE:PCL) will replace Kmart (NYSE:KM) in the S&P 500 after the close of trading today. Kmart is being removed due to "lack of representation" after the stock's recent decline to $2.45.

Earnings are flowing

Earnings numbers are coming out this morning at a rapid pace and we're running late on this morning's update. Two of the nation's largest airlines did report earnings this morning with Continental (NYSE:CAL) reporting a loss of $3.81 per share, which was better than estimates of a loss of $4.53 as polled by Zacks. AMR Corp (NYSE:AMR), parent of American Airlines, reported a loss of $4.75, which was in line with estimates.

NASDAQ-100 Bullish Percent "bear confirmed"

Our key indicator for risk in the NASDAQ-100 is the bullish percent indicator. Yesterday's action has this indicator back in "bear confirmed" from "bear correction" and now has a reading of 59%. The defensive team should still be on the field for stocks in this part of the market.

Jeff Bailey
Senior Market Technician
Option Investor

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