STOCKS NEWS US-Overall picture bullish if S&P stays above 1,160

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0937 ET 22Oct2010 Overall picture is bullish if S&P holds above support

'The stock market continues to roll along, although it has slowed down a bit this week,' wrote Larry McMillan, president of McMillan Analysis Corp in a report. First, there was the rather overbought sharp correction on Tuesday, and then the negative intraday reversal on Thursday. 'Even so, these are most likely just reactions to the market having come up so far so fast, and having run into resistance in the 1,180-1,220 area on the S&P 500 index,' -- the general topping area back in April. On the chart, the SPX is bullish as it continues to rise and stay above its 20-day moving average, at about 1,160 on Thursday. That level is also Tuesday's low, and represents the first level of support and below that, the 1,130-1,150 area is a large support area. He believes it would be somewhat negative if the SPX dips below 1,150, and a move beneath 1,130 would be an indication that this bull leg is over. 'That does not seem likely in the short term,' he said. In a separate report, he noted that it seems the 1,180-1,190 level has drawn out sellers. 'Whether they will prevail or not is unclear, but as long as SPX holds above support at 1,150-1,160, the overall picture remains bullish,' he said.

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0910 ET 22Oct2010
Analysts raise price targets on Amazon

Several analysts raised their price targets on shares of Amazon.com Inc the day after the company's profit topped estimates.

But Amazon's shares were pressured in premarket trade as the online retailer signaled that the cost of expanding its business would grow at a fast clip during the holiday shopping season. Amazon was off 0.9 percent to $163.55 before the opening bell.


0905 ET 22Oct2010
AIG raises $17.9 bln, prices AIA IPO at top

AIA, the Asian life insurance arm of American International Group Inc AIG.N>, raised $17.9 billion by pricing its Hong Kong IPO at the top of its range.

Shares of AIG added 1.3 percent to $41.81 in premarket trade in New York.

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0740 ET 22Oct2010
Futures flat, chart shows 'Golden Cross' lift

U.S. stock index futures were little changed on Friday on caution over a G20 meeting that sought a common path to manage currency, trade and macroeconomic imbalances.

S&P 500 futures sent a bullish signal on Friday as the 50-day moving average crossed above its 200-day MA, a technical event known as a 'Golden Cross.' The upward momentum indicator last turned up in June 2009, and futures rose roughly 35 percent in the following 10 months.

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0730 ET 22Oct2010
Honeywell profit beats Street view, raises outlook

Honeywell International Inc's quarterly results topped profit expectations, citing a pickup in demand for products, including spare parts for airplanes and automotive turbochargers.

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