Bill CaraBill Cara submits:

[Excerpted from Bill Cara's Daily Report]

Yesterday, US equity futures had been pointing to a sharply lower opening, pressured by large drop (over -3%) in several East Asian markets, and did gap lower, but then rebounded after the news sank in re house-builder Pulte Homes ([[PHM]] -10.49%) purchasing Centex ([[CTX]] +18.90%). Because the 805 level in S&P came in overnight before equity trading started, however, we were unable to add to longs when our first target came in.

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