Major averages continued to rise on lower pre-holiday volume ahead of the 3 day weekend. The NASDAQ Composite and Russell 2000 are bouncing off their 200-day moving averages, and the Federal Reserve's latest beige book showed that the economy continues to grow moderately. The overall general market trend, however, remains down, and price/volume action implies a continuation of this downtrend after this pre-holiday bounce. With the S&P 500 Index rallying for the past three days it is, oddly enough, in position for a fourth-day follow-through today, although it is not likely the market can pull this off given the light pre-holiday trade that would be expected. Nevertheless, futures forge higher this morning pre-open as the market's logical reaction rally continues.
Google (GOOG) reported disappointing earnings as it saw lower ad rates and reported declining profit margins which pushed NASDAQ futures lower. This morning, however, the stock is down about 2% after recovering from its after-hours lows from yesterday afternoon.
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