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Stock futures higher as dollar firms

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Stock futures are decidedly higher in the early morning hours and have been building gains ahead of this morning's market open as the US Dollar Index (dx00y) $104.72 +0.22% recoups its previous two session losses.

The early morning strength in the US$ has December Gold futures (gc02z) trading down $1.30 at $318.50.

S&P futures (sp02u) are higher by 17.6 points at 921.70, NASDAQ futures are up 28 points at 1,044.00 and Dow futures are jumping higher by 102 points at 8,575.00.

Fair value for the S&P 500 today is $0.96. That price will not change during the session. HL Camp & Company has their computers set for program buying at $2.47 and set for program selling at $-1.82. Fair value for the NASDAQ-100 today is $3.42.

5 Dow components report earnings

5 of the Dow Industrials' (INDU) 8,473.11 reported earnings this morning. The headline EPS versus estimates were as follows.

Boeing (NYSE:BA) $40.87, reported EPS of $0.92a vs. $0.80 consensus.

Citigroup (NYSE:C) $36.20, reported EPS of $0.78 vs. $0.77 consensus.

Coca-Cola (NYSE:KO) $50.37, reported EPS of $0.54a vs. $0.52 consensus.

Honeywell (NYSE:HON) $32.00, reported EPS of $0.55a vs. $0.55 consensus.

JP Morgan Chase (NYSE:JPM) $28.51, reported EPS of $0.58a vs. $0.65 consensus.

Note: "a" denotes EPS that exclude one-time charges.

Bull Confirmed!

Yesterday's action had the very narrow and more volatile NASDAQ- 100 Bullish % achieving "bull confirmed" status at 29%. This comes from a low level and now hints that bears are stepping up their short-covering efforts and demand is beginning to outstrip supply for stocks in this market.

The broader S&P 500 Bullish % ($BPSPX) remains weak and "bear confirmed" at just 22%. Equity bulls would want to see some type of reversal higher to the 28% level to get this market into "bull alert" status and create some tide of enthusiasm to confirm early bullishness in the NASDAQ-100.

It should be noted that it is "common" for the NASDAQ-100 to be one of the first bullish % to reverse higher from low levels and lower from higher levels when compared to the broader S&P 500 Index.

Jeff Bailey
Senior Market Technician
Option Investor

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