What’s in Today’s Report:
- Jobs Report Preview
- Technical Update: Good Bounce, Poor Price Action
Futures are modestly higher on continued momentum from the Wednesday rally, as markets ignored more disappointing economic data.
For the second straight night foreign economic data disappointed, and this is a becoming a disconcerting trend. UK Manufacturing PMI dropped to a 27 month low at 51.1 vs (E) 53.6.
AAPL reports today but after the bell, so the focus of the regular session today will be on economic data. There are three reports to watch but the ISM Manufacturing Index (E: 59.0) is the most important one, followed by Jobless Claims (E: 212K) and Productivity and Costs (E: 2.3%, 1.1%). Bottom line, we need Goldilocks data (not too strong to make the Fed hawkish, not too weak to get us worried about growth) to further fuel this rebound.