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The exclusive Markets Morning Report is supplied by Precision Capital Management.
The Precise Take – Equity futures attempting to maintain on negative Durable Goods
Big Picture Analysis: Equities held up well yesterday considering the disappointing Consumer Confidence report. Today, bulls will have to defend against an even more disappointing Durable Goods report that came in negative month over month and materially below expectations–relevant, as some will read into it for clues as to Friday’s preliminary Q2 GDP. A pullback from the recent surge is rather expected at this point, so for bulls to really assert control, they would simply rally in the face of today’s news. Otherwise, a mild pullback today to the 1099.25 to 1000.50 support cluster would allow new longs to enter at a favorable risk reward area. Below there, and the rally is not dead, but simply…
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http://www.precisioncapmgt.com/wp-content/uploads/Precision_Report_July_28_10.pdf
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