Sang Lucci Pre-Market Update January 3rd
Markets are pretty choppy this morning but the futures have moved due to economic reports concerning the jobs picture. ADP Employment came in way better than expected with many private sector jobs added for the month of December. Initial Jobless Claims, however, came in worse than expected, climbing to 372K versus an expected 360K.
The SPY is still wafting under $146 after the fiscal cliff gap up yesterday as investors continue to digest the new tax bracket for those making over $450K/year. Most folks do think we push to the 52 week highs hit after QE3 was announced back in mid-September around $148 on the SPY.
Priceline (PCLN) got an upgrade from Bank of America this morning with a price target increase to $770. The stock is gapping up about 14 points and that's after another gap up yesterday off the fiscal cliff news.
Premarkets today are filled with red though, but no cause for concern quite yet as the gap downs are not extensive by any means. The key today will be watching the indexes to see if a big move is possible or if it will be just choppy action.
GOOD MORNING YOUNG WORLD!
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.