Market Overview

Sang Lucci December 17th Pre-Market Update


Futures are slightly up this morning off the backs of more optimism from Boehner's talks over the weekend concerning tax hikes on the wealthy. Although the White House hasn't come to an agreement on the Fiscal Cliff, most lawmakers seem to be confident a solution will be found before the deadline.

Apple (AAPL) caught a bold downgrade this morning from Citigroup (C), citing concerns about the strength of the iPhone 5 product line. Citigroup revised their price target down from to $575 from $675. The stock actually traded below $500 this morning, but has since rallied back to levels seen during Friday's trading session.

We won't have much guidance from economic reports today. The only report slated for today's session is a New York manufacturing figure which will most likely not move the indexes in any one particular direction. Expect more choppy action today and be prepared to take your money off the table at a moment's notice.

Keep a close eye on the Financials today, they look like they're ready to finally make some kind of move higher.


The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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