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Minyanville's T3 Morning Market Call: Market Waiting for Resolution on Euro Aid Talks, Options Expiration


US stock futures point to a higher open for Wall Street Thursday despite stalled talks over a eurozone aid package.

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US stock futures point to a higher open for Wall Street Thursday despite stalled talks over a eurozone aid package. The Guardian reported on Tuesday that France and Germany had agreed on a massive aid package to boost the firepower of the EFSF, but French President Nicolas Sarkozy said yesterday that talked had stalled with significant issues to resolve. The about-face sparked a sell-off yesterday, however the opening low from Tuesday was not even breached.

Amid the uncertainty, the market seems to be caught in two minds once again. Stocks have enjoyed a steep rally over the past two weeks, but are not showing indecision in front of the top end of the multi-month range. While we did break out of the September downtrend, the S&P only briefly pushed through pivot highs before pulling off Tuesday. That was a short-term bearish signal, and we may require some consolidation before blasting off once again.

Earnings season will continue to take a back seat to the eurozone headlines. An unexpected meeting last night between Sarkozy and German Chancellor Angela Merkel sparked fears of a bigger rift, but it seems the market is now cheering that meeting this morning.

In the last 24 hours, notable earnings reports include eBay (EBAY) and AT&T (T). EBAY is more than 5% lower after issuing lower than expected guidance last night, and AT&T is 2.5% lower after disappointing Wall Street this morning. Look our for Microsoft (MSFT) after the closing bell today.

Another variable to consider is options expiration this Friday. Many traders note peculiar and often untradeable action in the markets ahead of monthly options expiration, and you could see stocks pinned to popular round-number strike prices.

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No positions in stocks mentioned.
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