The mood around the globe remains positive for stocks, with strong gains in Tokyo and Hong Kong overnight, and European markets currently adding to recent gains.
London and Paris trying to make it six straight positive sessions and nine of last ten. DJIA closed yesterday at its highest level in six weeks.
US stocks have performed well during the weeks leading into quarterly earnings periods as investors anticipate strong results, and we’re entering that zone right now.
Thin day for data, just ADP’s gauge of March private payrolls due at 8:15am ET. The big check-processor pegged February’s jobs growth at 201,000, a shade below expectations of 205,000. The problem is ADP’s numbers have shown some wild divergences with the government report that’ll come Friday, but it is directionally at least a positive.
S&P futures up 6.30, DJ futures up 48. Ten-year note’s down to 3.48% after hitting 3.50% earlier this morning. Crude futures are a bit lower at $104.62/barrel.
Meanwhile, DJ’s Tomi Kilgore notes stocks are looking at something of a breakout:
Dow industrials set to open above the pivotal 12250-12285 resistance range that capped the index the previous three sessions, and in five of the first seven of the month. Getting through it intraday is one thing, but it’s not a clear breakout unless the DJIA closes above it. If it does, a move above the Feb. 18 intraday high (12391) would be a formality, and bulls will start talking about the May 2008 highs around 13130. If the DJIA falls back within that range, however, a test of the 50-day moving average (12097) becomes likely.