Your MUST-READ Morning Stock Futures Cheat Sheet: Bulls need to reassert

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The Precise Take – Bulls need to reassert

Big Picture Analysis:  Yesterday, we were on alert for the possibility of a sharp drop to 1190 to shake out weak longs, which was what occurred in dramatic fashion.  Given the prior strong thrust from the October 4th low, the rally could indeed resume, but the bulls need to step in here lest bears become emboldened.

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Today’s  Scheduled News (all times EDT)

Major Market Movers
Housing Mkt Idx at 10:00 am

Minor Market Movers
Treasury Int’l Capital at 9:00 am
Bernanke Speaks at 1:15 pm

Tomorrow’s Scheduled News

Major Market Movers
CPI at 8:30 am
Housing Starts at 8:30 am

Minor Market Movers
EIA Petroleum Stats at 10:30 am
Beige Book at 2:00 pm