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March 24, 2011 – Comments (0)

This morning the S&P 500 e-mini futures are trading higher by 7.00 points to 1299.00 per contract. The futures began to rally around 3:30 am EST when they were trading as low as 1298.25 per contract. The S&P 500 e-mini futures have now rallied higher by 59.00 points since its March 17, 2011 low pivot. The major stock indexes have continued to climb the wall of worry despite all of the geopolitical events taking place in the Middle East, Japan, and Europe.

This morning durable goods orders declined by 0.09 percent which was the largest decline in four months. This news is having very little effect on the S&P 500 e-mini futures this morning. Initial jobless were reported this morning and were better than expected declining by 5000 to 382,000 claims. 

The Asian markets were basically flat last night. The highly watched Nikkei Index(Japan) was lower by just 14.0 points despite the ongoing problems with damaged nuclear reactors. The Sensex Index(India) was the big winner last night trading higher by 145.00 points or 0.80 percent. Therefore, the India Fund(NYSE:IFN), and Tata Motors Ltd.(NYSE:TTM) could see an early morning bounce. 

Moody's downgraded 30 Spanish banks this morning, however, the Currencyshares Euro Trust(NYSE:FXE) does not seem to be effected at all by the news. Portugal debt yields are spiking on the 2 year bonds and that does not seem to be having any negative effects on the major stock indexes in the United States. 

WTI oil is trading just under the $106.00 level. Gold and silver are also rallying higher before the opening bell. We shall see if these commodity leaders can keep climbing higher as they are getting a little overbought. 



Nicholas Santiago
InTheMoneyStocks.com

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