ESU09 – E-Mini S&P (Last:966.50)

After Thursday’s close, on word of punk earnings from Microsoft and American Express, DaBoyz took the futures down 4 points and leveled off. This implies they think the Dow will open down by about 30 points Friday morning, although expectations could easily darken as the evening wears on.  If so, I’ll recommend bottom-fishing at 955.75, stop 955.00, provided 966.00 has not been exceeded to the upside first. _______ UPDATE (11:22 a.m.):  The futures went no lower than 962.50 on the opening, negating our bottom-fishing strategy but also hinting that, before too long, bears could once again be on the ropes.  I’m somewhat surprised the 955.75 bid didn’t fill. On the other hand, the fact that AXP shorts are getting hung out to dry — the stock is off a mere 20 cents at the moment after opening a dollar lower on a gap — is no surprise at all.  Microsoft is having a bit more trouble, however, and has not yet rallied into the $2 gap on which it opened.