Four Steps to a Bottom

What’s in Today’s Report:

  • Technical Update
  • Four Steps to a Bottom

US futures are in the red again this morning although there is again no clear reason why while overseas shares traded mostly “ok” overnight amid mixed economic data.

Japanese PMI Manufacturing Flash beat (53.1 vs. E: 52.6) helping the Nikkei rally but EU data was on the soft side.

As far as US economic data goes today, there are two reports on the housing market this morning: FHFA House Price Index (E: 0.3%) and New Home Sales (E: 625K) while the more important release to watch will be the PMI Composite Flash (E: 54.1) due out shortly after the open.

The Fed speaker circuit also remains busy with Bostic (10:00 a.m. ET, 2:00 p.m. ET), Bullard (11:30 a.m. ET), and Mester (12:30 p.m. ET) all speaking during the Wall Street session today.

Lastly, and likely most importantly for stocks right now, there are a slew of earnings reports today. A few notables include: BA ($3.51) and T ($0.93) ahead of the open and MSFT ($0.96) and V ($1.20) after the close.