The price pattern and my near- to intermediate-term momentum work argue strongly that Bristol-Myers Squibb (NYSE: BMY) finished a corrective downleg at this morning's low of 24.07 off of its Mar 29 high at 27.07. As long as key support between 24.10 and 23.50 contains any acute (forthcoming) selling pressure, the larger base pattern from Sept 2008 remains intact and dominant. If my near-term work proves accurate, then BMY will not see lower prices than this morning's low at 24.07. A climb that sustains above 24.45 will trigger initial confirmation signals that a new upleg is in progress.

Ford (NYSE: F) earnings are due out before the opening bell tomorrow, and expectations are for relatively good numbers. The question is whether or not really good numbers already have been discounted?

Purely from a technical perspective, my near and intermediate term work argue for additional upside in F to 15.80-16.00 prior to the next meaningful correction. Does that mean really good numbers are in the price? Probably not, which leaves room for upside reaction to "really" good numbers. Do I want to enter F here ahead of earnings? Definitely not.

Buying ahead of earnings is not my style, unless the chart structure is so bullish that it is screaming for a big breakout out of a massive base pattern (like SLB last week). In terms of F, if the stock were pushing above 9.20 into earnings, I would seriously consider entering new long positions. But "up here," despite the fact that it could have another 8%-10% upside immediately, I will watch from the sidelines to see how the action develops tomorrow morning.