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Reply #29: pre-opening blather [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-03-06 08:26 AM
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29. pre-opening blather
09:13 ET S&P futures vs fair value: +6.2. Nasdaq futures vs fair value: +9.0.

09:00 ET S&P futures vs fair value: +6.5. Nasdaq futures vs fair value: +8.3. Futures trade continues to suggest that the stock market will start strongly. The early tone remains solidly bullish, despite the fact that Treasury yields are again on the rise. At this point, the benchmark 10-year note is down 10 ticks and up to a 4.89% yield. There are a few items on the economic calendar that may affect trade. Today's top item, due out at 10:00 ET, is the March ISM Index; economists expect a read of 57.7. At the same time, the February Construction Spending report (consensus 0.5%) will hit the wires. Auto and truck sales for the month of March will also be released throughout the session.

08:30 ET S&P futures vs fair value: +7.2. Nasdaq futures vs fair value: +10.0. The cash market remains poised for a solidly higher start. There are some items on the M&A front that are helping to underpin the positive tone. Along with the GMAC sale, there are reports that Constellation Brands (STZ) will acquire Canadian winemaker Vincor, and that Iconix Brand (ICON) has agreed to purchase Mossimo (MOSS) as well as the Mudd trademark. Iconix also raised its full-year EPS guidance.

07:58 ET S&P futures vs fair value: +7.3. Nasdaq futures vs fair value: +10.0. Futures trade is signaling a solidly higher start for the stock market. There are several catalysts behind the bullish bias. Some of them include reports that GM has sold a majority stake in GMAC to Cerberus Capital, news that Lucent (LU) and Alcatel (ALA) have agreed to a merger pact, a positive Barron's cover story on Microsoft (MSFT), and big gains in Asian markets. Beginning of quarter inflows is also helping to fuel early buying interest.
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