Russell 2000 futures slightly up
The Russell 2000 (NYSE: IWM) futures are up slightly and the small-cap index is set to open higher.
The mood on Wall Street is cautiously bullish following speculation that several banks will announce a $3 billion bailout plan for bond insurer Ambac Financial Group, Inc. (NYSE: ABK) so that the New York-based company will be able to keep its credit rating.
The Russell 2000 continued a pattern of wicked intraday volatility on Friday, rejecting a morning slump to fresh move lows to close in the upper portion of the range, forming a little bullish pattern on short-term charts. The Index closed at 695.43, down only 0.85 for the day, after enduring double-digit declines for much of the session.
Monday’s 10:00 a.m. ET existing home sales report could spark a little morning volatility, but is just the first of a smorgasbord of economic releases to come this week. Resistance Monday is just overhead at our swing line at 700, then at 704, 712 and 721. Meanwhile, support is at 688, 681 and 675.
Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• GTx, Inc. (GTXI), up 53% on news of positive results from a drug trial.
• Hoku Scientific, Inc. (HOKU), up 7% on news that it will raise about $25 million through the issuance of about 2.8 million common shares.
• Euroseas Ltd. (ESEA), up 5%.
Biggest percentage losers:
• Smith Micro Software, Inc. (SMSI), down 10%.
• Cascade Bancorp (CACB), down 6%.
• James River Coal Co. (JRCC), down 1%.
Kevin Pendley contributed to this report.
