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Stock futures post modest gains

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Stock futures are posting modes gains after wireless technology company Qualcomm (NASDAQ:QCOM) $26.43 +0.37% said it expects to "achieve or exceed" the high end of its previous outlook of 15 to 16 million MSM phone chip shipments. The company said it was experiencing strong order input for its fiscal fourth quarter thanks to increasing demand for CDMA (code division multiple access) products across all major regions. Shares of QCOM jumped in pre-market trading by 5.6% to $27.93.

The S&P 500 futures (sp02u) are trading up 3.2 points at 1,011. NASDAQ futures (nd02u) are up 3 points at 1,072.50 and Dow futures (dj02u) are up 17 points at 9,445.

Fair value for the S&P 500 today is $1.75. That price will not change during the session. HL Camp & Company has their computers set for program buying at $2.97 and set for selling at $-0.57. Fair value for the NASDAQ-100 today is $6.06.

If you would like more information on fair value, its calculation, along with buy/sell programs, please visit www.programtrading.com

Reliant Resources issued formal order

Energy trader Reliant Resources (NYSE:RRI) $9.30 said late yesterday that the Securities and Exchange Commission issued a formal order related to the investigation into "round trip" trades executed by the company, allowing the SEC to compel testimony and the production of documents. The energy merchant said it would continue to cooperate with the SEC. Earlier this year, Reliant (RRI) restated 2001 financial results as a result of the SEC investigation.

U.S. Dollar Index down fractional

The U.S. Dollar Index (dx00y) 108.78 -0.14% and the September U.S. Dollar Index futures (dx02u) 109.30 -0.16% are showing the dollar loosing fractional ground against a basket of foreign currencies.

The U.S. Dollar is showing weakness this morning against the Australian Dollar, as September Australian Dollar futures (ad02u) 0.5690 +0.4% and September Yen futures (jy02u) .008227 +1.13% post gains against the U.S. Dollar, while the September Euro futures (eu02u) are unchanged at 0.9602 and the British Pound futures (bp02u) are lower at 1.4888 -0.13%.

August Gold futures (gc02q) are slipping lower by 30-cents at $323.40.

Jeff Bailey
Senior Market Technician
Option Investor

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