Futures Pointing Lower

We had a good end of day rally yesterday and finished the day up on higher volume. Futures are pointing lower today however.

We have had a huge rally in the past seven sessions and are now at the high of the recent trading range. Earnings have been reasonably good for the past two weeks, although revenues have been lighter than many would like. Some earnings misses came out this morning (Morgan Stanley for instance).

Yesterday I mentioned we have been getting some huge moves in biotechs. There is another one today. Onyx Pharma (ONXX) is up 9 points (about 30%) in pre-market trading on good results from a cancer therapy test. Unfortunately, we do not own this one.