Futures Higher On European/Chinese Manufacturing Data

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Here’s a brief look at the pre-market action…

• Asian stocks were mixed to down last night, despite better than expected Chinese manufacturing data, losing about -0.3%. In a "good news is bad news" scenario, stronger Chinese data may indicate less of a chance for monetary easing.

• However, Europe is rallying strongly on renewed optimism on a Greek debt deal (Private Sector Investors are said to be getting a “sweetener” on the new bonds where the bonds would increase in value as the Greek economy improves) and better than expected Eurozone manufacturing reports (and a lift in the Euro). European markets are up better than +1.5% as we write this.

• U.S. futures also up, with the S&P breaking yesterday's pre-open highs before a slight pullback and Dow futures up about 90 points right now.

• Key economic data at 815 am est on ADP employment and then ISM and construction spending at 1000 am est.

• But one of the catalysts today is the hotly anticipated announcement of Facebook filing for its IPO, which may release a strong sentiment rally, especially in the tech sector.

Good Trading!
David W. (aka The Underground Trader)

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