Signals suggest some emphasis on the weak-dollar trade this morning, with oil, gold and premarket equity futures all moving higher. Bears had a minor edge yesterday after September consumer confidence disappointed, but still they’re still not wielding enough gusto to throw bulls off balance.
And for what it’s worth, today is the last day of the 3Q, a quarter that’s been pretty good for stocks, to say the least. The Dow has gained 15% through yesterday, in line for its best quarter since the 4Q of 1998. It’s the index’s best 3Q on a percentage basis since 1939.
But bulls aren’t getting much heft from economic data anymore, with any improvements already well-priced into stocks. Makes you wonder how much good news on 3Q earnings is already priced in, too.
ADP’s estimate on Sept private-sector job losses due at 8:15am; final look at 2Q GDP at 8:30am; and Sept Chicago PMI at 9:45am ET.
S&P futures up 4.50; DJ futures up 36. Ten-year lower, yield at 3.31%. Euro’s at $1.4641.