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Are Negative Divergences Finally Taking A Toll?
By: Sy Harding   Tuesday, March 6, 2012 1:48 PM
Symbols: ADP, CAC, PMI, VALU
The London FTSE is down 1.4%. Germany's DAX is down 2.3%. France's CAC is down 2.7%

Oil is down $1.48 a barrel at $105.23.

Gold is down another $26 an ounce at $1,677 an ounce.

This Morning in the U.S. Market:

This week is another fairly heavy week for potential market-moving economic reports, including Factory Orders, the ISM non-mfg Index, the ADP Jobs report, and The Big One, the Labor Department's monthly employment report for February. To see the full list click here, and look at the left side of the page it takes you to.

Yesterday's reports were that Factory Orders fell 1.0% in January. But the ISM non-mfg Index, rose to 57.3 in February from 56.8 in January, considerable better than economists' consensus forecast of a decline to 55.5.

Globally, it was reported yesterday that the eurozone PMI Index declined to 49.3 in February versus the consensus forecast of 49.7. A sub-50 reading means business activity shrunk in February. And the U.K. PMI fell to 53.8 in February after providing some encouragement by rebounding to 56 in January.

There are no economic reports today, but concerns about the slowing global growth in Europe and Asia which have the pre-open indicators for the U.S. market down.

Our Pre-Open Indicators:

Our pre-open indicators are pointing to the Dow being down 130 points or so in the early going.

To read my weekend newspaper column ‘Is This As Good As it Gets For Now?' Click here.

Subscribers to Street Smart Report: There will be an in-depth U.S. Market Signals and Recommendations report in the subscribers' area of the Street Smart Report website, tomorrow.

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