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US STOCKS-Futures flat, chart shows 'Golden Cross' lift

Published 10/22/2010, 07:34 AM
Updated 10/22/2010, 07:36 AM
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* Dlr steady vs currency bskt as G20 discussions underway

* Schlumberger profit jumps

* Futures: Dow off 9 pts, S&P up 1.6 pts; Nasdaq up 4.25

By Rodrigo Campos

NEW YORK, Oct 22 (Reuters) - 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.

* The 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.

* S&P 500 futures rose 1.6 points and ticked above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dropped 9 points, and Nasdaq 100 futures added 4.25 points.

* The U.S. dollar was steady against a basket of currencies on wariness over whether any clear deal would be reached at the Group of 20 developing nations meeting in South Korea, where the United States urged members to avoid using their currencies for economic advantage.

* The predominant equity market trade of late has been the stocks-euro correlation, where S&P futures move in tandem with Europe's single currency.

* Schlumberger Ltd, the world's largest oilfield services provider, reported a jump in quarterly profit early Friday. Its shares closed at $64.31 on Thursday.

* Diversified U.S. manufacturer Honeywell International Inc reported quarterly earnings that topped expectations and raised its profit forecast.

* Verizon Communications is due to report later Friday.

* American Express Co rose in late electronic trading after its quarterly profit rose a better-than-expected 71 percent, but regulatory issues cast a shadow of uncertainty over future results.

* SanDisk Corp gained after the closing bell after the flash memory maker beat profit and margin estimates, and forecast a 2011 surge in demand as more consumers opted for smartphones and tablets.

* AIA, the Asian life insurance arm of American International Group Inc, is set to raise $17.9 billion after pricing its Hong Kong IPO at the top of its range.

* Two top U.S. Federal Reserve officials gave competing views on the need for more stimulus for the economy, continuing a public debate over further easing, even though the Fed's core view appears to favor such a move.

* Growing speculation in recent weeks that the Fed will extend the quantitative easing measures at its next meeting in November has pressured the dollar while boosting equities, but uncertainty over the extent of the stimulus has caused some market choppiness.

* Wall Street edged higher in a choppy session on Thursday, buoyed by strong earnings but a firmer U.S. dollar limited gains.

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