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Stock Trading Update Before the Bell Market Poised to Bounce

Submitted by Mike Swanson on Tue, 2010-07-06 06:21.

As of 6:25 AM DOW futures are up over 80 points on the backs of strong rebounds in markets across the globe. The Honk Kong stock exchange is up 1.22% while the Japanese Nikkei index closed up .77%.

Over in Europe the FTSE 100 is currently trading up 2.03% and is at a high for its day as I type this while the DAX is rallying 1.92%.

JP Morgan Chase & Co. upgraded Goldman Sachs and it has gone up 2.8% in European trading.
This positive pre-market action is coming after a brutal week for stocks last week took the Chinese stock market to a new low for the year and the S&P 500 down 16% from its April high.

Much of this decline has been fueled by fears that European economies and the United States are going to slip into recession. On Friday the US labor department released figures that revealed that 652,000 Americans lost their jobs in June while hourly earnings fell 0.1%.

There is hope among investors today that the market has fallen too far too fast and that the Federal Reserve may simply just “do something” to force the stock market higher or stimulate the economy.

So far all of the rallies have been met with selling since April. Can this one be different?

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Hello. My name is Mike Swanson. I’m the best-selling author of the book Strategic Stock Trading. In a former life I used to run a hedge fund from 2003 to 2006 that generated a return of over 78% during that time frame. In fact it was ranked in the top 35 out of 5,000 hedge funds in 2005.

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