Looking Ahead to Tuesday's MarketOctober 1, 2012 @ 4:10 PM EST
Quick Recap of Monday’s Session:
Stocks finished mixed on Monday following a disappointing session for the bulls. Major indices started the day in positive territory and traded significantly higher early on following a better-than-expected ISM Manufacturing report, which signaled expansion. However, stocks would only rally for 45 minutes before sellers hit. Sell programs in early and late afternoon slammed major indices down off of their intraday highs and drove the Nasdaq into negative territory by the close. The S&P 500 narrowly managed a positive finish after ending 15 of the past 16 Mondays in negative territory. It was a very disappointing session for the bulls, who gave back significant gains with little to no resistance on the way back down. Also absent from today’s session was a distinct driver of the selling (other than “it’s Monday,” which has become pretty much synonymous with “intraday selling”).
S&P 500 +0.26%, NASDAQ -0.09%, DJIA +0.58%, Midcaps -0.49%.
Looking Ahead to Tuesday:
- Overnight there are no scheduled economic releases from Europe
- Before the bell here in the U.S. is MBA Mortgage Applications and the ADP Employment Report.
- After the open is the ISM Non-Manufacturing Index at 10:00am EST.
- The ISM Non-Manufacturing figure should be a market mover, though using today’s session as an example, it’s no guarantee that a positive number will yield positive results for stocks. The S&P 500 finished over 12 points off its intraday high, which makes it pretty clear that even with a good excuse to blast higher, the bears are in control. We’ll have to see if something similar happens tomorrow.
S&P 500 - Intraday
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