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Reply #21: pre-opening blather [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-24-05 09:30 AM
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21. pre-opening blather
9:00AM: S&P futures vs fair value: -2.0. Nasdaq futures vs fair value: -4.0. Guarded tone persists in the futures market as rising oil prices and disappointing durables orders data help keep a lid on the market's enthusiasm... Areas attracting buyers, however, could be Telecom, after Verizon (VZ) was upgraded to Market Perform at Wachovia... Utilities, the only other sector yesterday to trade higher, may also enjoy strong follow-through amid analyst upgrades on EIX and CPN while Retail could get a lift after Coach (COH) raised its outlook for Q1

8:32AM: S&P futures vs fair value: -2.9. Nasdaq futures vs fair value: -5.5. Futures trade pulls back following a larger than expected decline in durables, now suggesting an even lower open for the indices... July durable orders fell 4.9%, well below economists' forecasts which called for a 1.5% decline, versus a downwardly revised 1.9% increase a month earlier (from +2.8%), while ex-transportation fell 3.2%... Bonds, however, have extended early gains, as the 10-year note (+8/32) now yields 4.14%

8:00AM: S&P futures vs fair value: -1.0. Nasdaq futures vs fair value: -3.0. Futures market versus fair value suggesting a slightly lower open for the cash market as surging oil prices ahead of economic data weigh on sentiment... Crude oil futures ($66.37/bbl +$0.66) have climbed ahead of weekly inventory data (10:30 ET) and amid tropical storm concerns... Meanwhile, investors are waiting to digest July durables orders (8:30 ET), which are forecast to decline (-1.5%) for the first time since March
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