What’s in Today’s Report:
- Valuation Update and a New “Fair Value” Trading Range
Futures are extending the late Thursday gains and are modestly higher thanks to momentum.
Economically, Japanese data disappointed as the Unemployment Rate (2.5% vs. (E ) 2.4%) and Retail Sales (1.4% vs. (E) 2.2%) missed expectations.
Today investors will see if the year-end bounce can continue. There are a few economic reports including International Trade in Goods (E: -$75.7B), Chicago PMI (E: 62.4) and Pending Home Sales Index (E: 1.5%) but none of those should move markets materially.