US EQUITIES

DOWNSIDE ALERTS (login for Real Time)

 

(-) GM(-2.8%) Company reportedly prepares proposal to Congress seeking billions of dollars in Federal bailout funds.

 

Trading Analysis-

The stock touched a brief high this morning of 5.35, but it was quick to drop out of the green, swinging back to hold a negative range of 5.15 to 5.00 for much of the mid-session and second-half of the pre-market. GM had opened early trade at lower levels, moving between 4.60 and a bottom of 4.46. If it again should see weakness south of 5.00, longs may want to watch for any drift back near 4.60 to 4.75, levels where upside liquidity was aggressive early this morning.

 

UPSIDE ALERTS (login for Real Time)

 

(+) YHOO (+3.8%) Conflicting reports out that Microsoft may or may not offer to buy Yahoo’s search business.

 

Trading Analysis-

The stock is maintaining a steady upside range of 11.80 to 12, with the 12 mark lately holding as a ceiling against several upside tests. YHOO dropped as low as 11.51 near the mid-point of today’s pre-bell action, and buyers pushed in decent upside liquidity off this bottom between 11.50 and 11.80 – a potential near-term floor support to watch.

 

(+) F  (+7%) as reports surface that competitor GM is preparing a bailout proposal for presentation to Congress Ford shares jump higher.

 

Trading Analysis-

Stock is recording heavy upside momentum at current levels between 2.83 and 2.88, a potential floor for longs to watch in the near-term. Any weakness off this area could open the door for moves back to the 2.69 to 2.75 area, a range that served as a first-half bottom in today’s pre-market.

 

(+) GGP (+12%) gets two-week loan extension.

 

Trading Analysis-

Stock is recently seeing an uptick in downside liquidity drop it off a high of 1.80 down to 1.56. We’re not seeing any buyers jump in front of this negative run so traders may want to watch for any return to the early day low of 1.52 to see if this mark sets up as a tentative low.

 

ETF RECAP

Active-volume exchange-traded funds in Friday's regular session:

 

SPDR S&P 500 (SPY): +1%

 

iShares S&P 500 (IVV): +1%

 

PowerShares QQQ (QQQQ): -0.8%

 

Select Financial Sector SPDRS (XLF): +2.5%

 

iShares Russell 2000 (IWM): +1%

 

iShares Russell 1000 Growth (IWF): +0.5%

 

SPDR Gold (GLD): -0.09%

 

iShares MSCI Emerging Markets Index (EEM): -1.9%

 

United States Oil Fund (USO): -5.5%

 

Active-volume extended-hours movers:

 

SPY, -2.9%

 

QQQQ, -2.2%

 

GLD, -3.1%

 

USO, -0.7%

 

DIA, -2.3%

 

ETF Power Play

January oil futures dropped $3.15 to $51.34 a barrel in recent trading. The contract hit an intraday low of $51.20/barrel. Prices fell as OPEC decided to wait until a formal meeting in mid-December before making a decision on whether to cut production. More recently, reports show OPEC Secretary General Abdalla Salem El Badri suggesting that crude prices in the range of $70-$90 a barrel would be "very reasonable." United States Oil Fund (USO) is down 0.5%. iPath S&P GSCI Crude Oil Total Return fund (OIL) is drawing rising volume this morning.