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Stock futures chug higher

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After a rather mixed session on expiration Friday, stock futures are chugging higher this morning as S&P futures (sp02u) gain 3 points to 9310. NASDAQ futures are trading up 5.5 point at 1,001.00 and Dow futures are higher by 25 points at 8,790.

The Wall Street Journal is reporting that the Securities and Exchange Commission has continued to withhold judgment on a handful of companies that filed certifications last week. The list includes AOL Time Warner (NYSE:AOL) $12.56 and Bristol Myers Squibb (NYSE:BMY) $22.98. In Germany, shares of BMY traded down 10-cents to $22.88.

Federal prosecutors and the SEC are looking into how AOL booked dozens of transactions with "round-tripping," the newspaper reported.

Reuters is reporting that Wal-Mart's (NYSE:WMT) $53.79 August same-store sales are running at the low end of its 4-6% forecast, citing slow back to school crowds as warm weather affected apparel sales.

In other retailing-related news, Lowe's Companies (NYSE:LOW) $36.79 said it sees 3-5% growth in same-store sales for the November quarter. The building products retailer topped consensus estimates for its recently completed August quarter, by reported EPS of $0.59 versus consensus of $0.54. Sales rose 22.2% to $7.49 billion (consensus $7.406 billion). Shares of LOW jumped $2 to $38.75, which also gave a boost to rival Home Depot's (NYSE:HD) $28.10 shares, which traded $28.76 on the Redibook ECN.

Fair value for the S&P 500 today is $0.42. That price will not change during the session. HL Camp & Company has their computers set for program buying at $2.12 and set for program selling at $-1.56. Fair value for the NASDAQ-100 today is $1.87.

Jeff Bailey
Senior Market Technician
Option Investor


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