SnapShut
Eastman Kodak
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either warning of or announcing earnings shortfalls. The world’s biggest photo
company is being punished with a 20% haircut from its share price, equivalent to
declines seen in other Dow components such as Intel
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PowerRating) Friday and Du Pont
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PowerRating) last
week.Â
Dow futures
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PowerRating) gapped lower and never
substantively broke below their opening range. Dow futures also registered on
the
Implosion-5 List and
the Pullback From Lows List,
from which they are making good on a (Cooper) 1-2-3-4 pullback-off-lows setup
for a 126 deficit to 10,810.
Also from the Implosion-5 List,
S&P futures
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PowerRating) are down 6.5. The spoos are consolidating at an
intraday low, with a more restrained decline than Dow futureS. Their limited
descent, down 6 handles, along with the presence of five up-signals from the
Market
Bias Indicators Page, suggests that this market could move higher today. The
1450 area is providing strong intraday support.Â
European currency futures are rallying on the threat of
another intervention to support the beleaguered euro. One of the “Es”
of the overexposed “four Es”–energy, the euro, earnings, and the
economy–the weak euro has become one of the scapegoats of firms with
international revenues who have failed to hedge their exposure. Although the
euro is higher, a serious sign of trouble in Euroland is apparent.
Tuesday morning, in one of its most robust economies, France said that consumer
spending fell to its lowest rate in four years. Consumer spending accounts for
as much as 66% of economic growth in Europe’s second largest economy, and signals
that a weaker euro may be justified. The December euro FX contract
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PowerRating) is up .00950 to .88580.
Energies continue to decline ahead of an OPEC meeting in
Venezuela to reassess global oil output. Heating oil posted on the Implosion-5 List
and is the biggest decliner in the energy complex with a .0134 loss to .9280.
Going the other way in the energies, natural gas
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PowerRating) is rallying out of a (Cooper) 1-2-3-4 Pullback From Highs
setup and also making good on its Momentum-5
List reading in a move to a fresh all-time high.