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Markets in Asia were down due to the action in the U.S. yesterday, but Europe looks to be trying to turn in a positive day as most markets are fighting to break into the green. It appears that the U.S. will open green, but the economic story over the past few weeks leads U.S. to question how long we can remain optimistic.

We have the Case-Shiller 20 City Index (Consensus -2.5%) and Consumer Confidence (Consensus 64.0) numbers out today. The housing numbers yesterday were good, so it will be interesting to see what the numbers tell U.S. today. This news out today does have the potential to move the market, especially the consumer confidence number, so investors should watch for these today.

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Looking at Asian markets we see markets are lower:

All Ordinaries - down 0.39%

Shanghai Composite - down 0.09%

Nikkei 225 - down 0.81%

NZSE 50 - up 0.58%

Seoul Composite - down 0.41%

In Europe markets are down:

CAC 40 - down 0.12%

DAX - down 0.10%

FTSE 100 - down 0.09%

OSE - up 0.15%

Technology

Investors got their answer to the Sirius (NASDAQ:SIRI) question. Shares moved down $0.075 (3.97%) to close at $1.815/share in trading yesterday. Volume was strong at 48.7 million shares, indicating to U.S. that this was a legitimate move in this market. The move lower below the $1.83/share level indicates that we could be headed even lower if we do not get a bounce back in the next few days. And the next support level is quite a bit lower. The company will continue to deleverage, but for how long can the current market continue lower? If one can figure that out, it might just indicate how long this stock will continue to face headwinds.

One of the few bright spots in the tech world, Zynga (NASDAQ:ZNGA) had a good day considering the overall trading sentiment on Monday. Shares finished higher by $0.07 (1.17%) to close at $6.065/share on volume of 24.7 million shares. Analysts came out yesterday to support the stock ahead of an event they will be hosting today. We should probably see a bunch of news across the board for the company, with some new games to get everyone excited. This will be one to watch in trading today.

We have found ourselves looking to Apple (NASDAQ:AAPL) for guidance on where the market is going and how it will behave as it built up a huge following during its run up. Shares moved down first, followed by volume heading lower. Both of which has happened to the general market, and to a greater extent in some cases. All is not bad as Apple has found support around the $570/share level, but like Sirius the next few days shall show U.S. the way for the next few weeks. Shares did not break the $570/share level yesterday and they closed at $570.77/share after falling $11.33 (1.95%) on volume of 10.8 million shares.

Biotechnology

In just a few days Arena Pharmaceuticals (NASDAQ:ARNA) will get news from the FDA. Most expect it to be positive with an outright approval and that is why shares have been so strong as of late. Volume remains high for the shares with 36.2 million shares traded yesterday as shares fell $0.69 (6.93%) to close at $9.19/share. The melt-up was strong earlier and the shares may have run their course prior to the FDA news, but investors should still watch this one as it could take off ahead of the Wednesday news. As we have stated previously, we have no horse in the race currently but are interested spectators at this time.

Consumer

Constellation Brands (NYSE:STZ) was up $2.49 (12.85%) to close at $21.86/share on news that Anheuser is in talks to take over the 50% of Modelo it does not already own. Volume was well above normal with 16.7 million shares traded. Investors are excited because Constellation owns the distribution rights in the US, via a joint venture, to Modelo's biggest brands. This was one of the few bright spots in the market on Monday with both price and volume surging.

Source: Today's Market News To Trade On: 5 Stocks Moving On News