Pre Market - August 23rd 2007

The Bank of Japan did not raise their rates, left them unchanged. Good for us.

Futures were up good this morning but as the morning has been moving towards the open the futures have fallen a bit. Could today be the day of "sell the news" on advances in the market? Could be. Don't be surprised if you see a selling on advances today. There is a strong desire still to sell on upswings by those who want to get out. And we are at resistance levels so that will present some obstacles as well.

If you were still watching my recommended stocks in the weekly newsletter and you bought at the recommended price then you had an excellent entry on BRLC that I provided you the setup for. If you took the entry on BRLC from my newsletter your sitting on a good profit. Don't let it get away from you. Sell it if the market sells off.

See my previous post for ideas today depending on the movement of the market today, but don't base the first 30 minutes on the market direction. Wait until it settles and we get a better view of what the direction will be. I anticipate an early run and then a selling off towards the end of the day.