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Daily State Of The Markets Are We There Yet?
By: David D. Moenning   Friday, March 23, 2012 9:31 AM

However, a quick look at history shows that a consolidation phase may indeed lie ahead. If one studies the "waterfall declines" seen in history - such as the short, yet violent bear market we saw last summer - you will find that the type of rebound we've seen over the past five months has been pretty typical relative to historical tendencies. But, there are two key points I'd like to make this morning. First, most of these markets went on to further gains. But... most of these markets also experienced what I will call a "sloppy period" for a few months in the process. Therefore, we need to be on the lookout for something that might give the bulls a reason to take a break.

However, if that bearish trigger doesn't materialize soon, and if this gal's institutional clients (think mutual funds, pension managers, and hedge funds) are indeed underinvested, and if the hedgies are still underperforming the S&P (tough to charge your 2-and-20 that way!) then the answer to the question is likely to be no. Well, for now at least.

Turning to this morning... Stocks fell in Asia overnight and are down in Europe at the present time on widening debt and yield spreads. U.S. futures are pointing to a flat open.

On the Economic front... There is no news scheduled for release before the opening bell but we will get the report on New Home Sales at 10:00 am eastern.

Thought for the day... Best of luck on this Friday and be sure to enjoy the weekend!

Pre-Game Indicators

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

  • Major Foreign Markets:
    • Australia: -0.10%
    • Shanghai: -1.10%
    • Hong Kong: -1.11%
    • Japan: -1.14%
    • France: -0.89%
    • Germany: -0.69%
    • Italy: -0.97%
    • Spain: -1.48%
    • London: -0.52%
  • Crude Oil Futures: $0.24 to $105.59
  • Gold: +$4.70 to $1647.20
  • Dollar: higher against the yen, lower vs. pound and euro
  • 10-Year Bond Yield: Currently trading at 2.251%
  • Stock Futures Ahead of Open in U.S. (relative to fair value):
    • S&P 500: -0.02
    • Dow Jones Industrial Average: +2
    • NASDAQ Composite: +4.15

Positions in stocks mentioned: none

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