Decline In Raw Momentum

Good morning. Investors are dealing with a mix of earnings reports leaving premarket futures relatively unchanged. Weekly jobless claims fell and traders will be watching the leading economic indictors report at 10:AM and the Philly Fed at noon.

Stocks moving to the upside in premarket trading include AAPL, LOGI, AVCT, ERIC, NDAQ, HANS, CHKP, OPTV, NVEC, REGN, DTAS, VIGN, OXPS, IONA, PETC, RATE, and STLD. Downside movers are CTXS, IFIN, LEND, AMD, SPSN, AVCI, COSI, QLTI, SIGA, ELNK, USAK, DELL, LSTR, XING, QCOM, and ASML.

It is not surprising to see most readers think we'll see Dow 11K before Dow 13K. There is still a very high level of pessimism about this rally. If you're a bull, you want to see this skepticism continue if not increase in the face of continued upside momentum. We saw a bit of decline in the raw momentum yesterday and so far that looks to continue today. What will be important is how the market responds to weakness and whether the series of shallow pullbacks continue.

Have a terrific Thursday!