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Stocks weak, bonds strong in pre-market

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Stock futures are lower this morning after Apple Computer (NASDAQ:AAPL) and Advanced Micro Devices (NYSE:AMD) warned on earnings, which is offsetting any type of bullishness from Oracle's (NASDAQ:ORCL) and Jabil Circuit's (NYSE:JBL) earnings reports from last night.

S&P futures (sp02u) are down 15.2 points at 1,030. NASDAQ futures (nd02u) are plunging 44 points at 1,131 and Dow futures are down 115 points at 9,640.

Fair value for the S&P 500 today is $1.81. That price will not change during the day. HL Camp & Company has their computers set for program buying at $3.52 and set for program selling at $0.22. Fair value for the NASDAQ-100 today is $6.25.

Treasuries are finding buyers across the major maturities as the benchmark 10-year YIELD ($TNX.X) dips to the 4.799% level.

Also looking defensive is the Euro setting as 17-months high against the U.S. dollar, indicating concerns of slackening interest is U.S. equities as well as tensions in the Middle East, as the Euro September futures (eu02u) jump to 94.99.

Also finding a bid this morning is August Gold futures (gc02q), trading up $2.30 to $322.00.

Micron Technology subpoenaed by grand jury

Chip stocks will be under added pressure not only from Advanced Micro Devices (AMD) earning's warning from last night, but news out of Micron Technology (NYSE:MU) $23.60 that it has received a grand jury subpoena seeking information regarding a Department of Justice industry-wide probe into alleged anticompetitive practices among dynamic random-access memory (DRAM) manufacturers. Micron (MU) shares fell to $21.60 in ECN pre- market trading.

Jeff Bailey
Senior Market Technician
Option Investor

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