The Early Look: Futures Rebound Ahead of Apple

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The Early Look

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

• The news flow today has slowed down considerably from the weekend's onslaught.

• Asia put in a mixed to slightly down session, with Japan off about -0.7%, slight increases in China and mixed elsewhere in the region.

• Europe has rebounded from yesterday's steep losses as we write this, up +0.9% and Spain up over +1.0%. Yesterday marked three-month lows for European markets as a whole. The political turmoil in the Netherlands remains a focus.

• Overnight Netflix was hit hard on revenue projections and Texas Instruments up on higher than expected forecasts. FaceBook reported a decline in year-over-year earnings, which is not exactly what they wanted going into their IPO and a little disturbing for a "growth stock". That is tempered a bit by the fact that analysts point out how mature FB's business is for a hot new IPO.

• Eyes remain on individual company earnings and most especially AAPL after the bell.

• U.S. futures are higher, trading in a range of +3 to +6 for the S&P and +30 to +50 on the Dow.

• A fair amount of economic data today with housing data and consumer confidence topping the list. Also traders will be positioning into the FOMC announcement tomorrow.

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

Pre-Game Indicators

Here are the Pre-Market indicators we review each morning before the opening bell...

• Major Foreign Markets:
  • Australia: +0.08%
    
  • Shanghai: +0.01%
    
  • Hong Kong: +0.26%
    
  • Japan: -0.78%
    
  • France: +1.16%
    
  • Germany: +0.29%
    
  • Italy: +0.95%
    
  • Spain: +1.08%
    
  • London: +0.36%
  
  
• Crude Oil Futures: +$0.39 to $103.50
  
• Gold: +$10.30 to $1642.90
  
• Dollar: higher against the yen, lower vs. euro and pound
  
• 10-Year Bond Yield: Currently trading at 1.95%
  
• Stock Futures Ahead of Open in U.S. (relative to fair value):
  • S&P 500: +5.21
    
  • Dow Jones Industrial Average: +60
    
  • NASDAQ Composite: +10.55

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