Reply #11: pre-open blather

[ozymandius]

08:35 am : S&P futures vs fair value: +6.7. Nasdaq futures vs fair value: +8.2. The data that hit the wires at the bottom of the hour fell to the bullish side of things as May job growth (157K) was stronger than expected while the core-PCE number (+0.1%) in the personal income and spending report was lower than expected. That combination has provided an added lift to the futures market, which is keying off the view that economic activity appears to be picking up while inflation is moderating.

08:09 am : S&P futures vs fair value: +3.8. Nasdaq futures vs fair value: +5.5. Stock futures are presaging a positive start for the market with Dell's better than feared first quarter result and the old standby of momentum driving the bullish bias ahead of a key batch of economic data due shortly. Leading things off at 08:30 ET will be the May jobs report and the Personal Income and Spending report, which contains the Fed's favorite inflation indicator in the form of the core-PCE number. Those reports will be followed by the ISM Index at 10:00 ET, along with some other less influential pieces of data.