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  • Squawkbox: Market Minute 04-25-08

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Squawkbox: Market Minute 04-25-08

Squawkbox: Market Minute 04-25-08

Squawkbox market analysis with Danielle Morellino from Thomson Financial Transcript: Welcome to the Thomson Squawk Box Market Minute, I'm Danielle Morellino. The equity index futures are signaling a higher opening as bulls attempt to build on Thursday's gains, driven by optimism that bank stocks have seen the worst, and ahead of next week's FOMC meeting. Thursday's news that Merrill left is dividend unchanged and Credit Suisse cut its exposure to risk continues to prop up the financials. We would expect the Nasdaq to lag the other indices a bit today following the disappointing Microsoft sales and guidance. But financials may be strong, especially after Merrill (MER) said it's in talks with TPG, providing it yet another potential source of capital. From a technical perspective, the S&P 500 managed to penetrate and hold the 1387 resistance level Thursday, paving the way for a push toward 1415 (200-Day Exp. Moving Average/trend-line resistance going back to the October highs). The near-term point of control is also in the same vicinity at 1410, so that general level presents the major resistance. But the first hurdle to overcome will be 1395, the February highs. Should the recent strength fade, we are targeting support at the aforementioned 1387-level, followed by 1378, and 1368. The worry is market breadth. Small caps moved up faster than the large cap indices on Thursday, but that has not been the theme recently. In terms of relative strength, the Russell 2000 has been underperforming the Russell 1000 ever since March 26. That is not the standard way of mounting a sustainable uptrend. For Thomson Squawk Box, I'm Danielle Morellino. For more market and individual stock analysis based on our proprietary data and indicators, visit Thomson Squawk Box.com.

YouTube | April 25, 2008Watch more videos from YouTube

Tags:. .recently. .attempt. .major. .october. .index

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