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Bullish tone after Iraq concessions

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Overseas markets have had a bullish session and stock futures here in the U.S. are higher after last night's news out of Iraq that it is willing to allow U.N. weapons inspectors without conditions.

The move by Iraq immediately boosted the U.S. Dollar Index (dx00y) 108.92 +0.63% which has moved the Dollar Index above recent horizontal resistance of 108.48, a level not closed above since June 19th.

S&P futures (sp02z) are currently trading up 14.10 points (+1.56%) at 907, NASDAQ futures (nd02z) are higher by 17.50 points (+1.9%) at 933 and Dow futures (dj02z) are up 111 points (+1.4%) at 8,486.

Fair value for the S&P 500 today is $1.40. That price will not change during the session. HL Camp & Company has their computers set for program buying at $2.30 and set for program selling at $-1.32. Fair value for the NASDAQ-100 today is $5.50.

Overseas markets

A quick look at the overseas markets gives traders a "feel" for how markets responded to a complete session of trading after last night's news out of Iraq.

In the Asia/Pacific markets, Hong Kong's Hang Seng Rose 2.13% and Japan's Nikkei 225 gained 3.27%. All of the smaller and more regional exchanges showed gains with Taiwan's Taiwan Weighted jumping 3.96%.

In Europe, France's CAC 40 gained 1.78%, Germany's DAX rose 1.94%, Russia's Moscow Times traded up 1.06%, Switzerland's Swiss Market rose 1.3% and the United Kingdom's FTSE 100 gained 1.35%. Only Greece's General Shares traded lower with a -0.42% decline.

Jeff Bailey
Senior Market Technician
Option Investor

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