What’s in Today’s Report:
- Why We Still Think Stocks Are in a Trading Range (And We’re Near the Top)
- Two Indicators That Would Make Us More Bullish on Stocks (In the Currency & Bond Section)
- Weekly Market Preview
- Weekly Economic Cheat Sheet
Futures are flat following a very quiet weekend of no incremental news (the weekend news flow was similar to the scoring in the first half of the super bowl).
The only notable economic report was Chinese Service PMI which met expectations at 53.6 vs. (E) 53.9. But, the composite PMI still dropped to 50.9 vs. the previous 52.2 so there are still legitimate reasons to worry about Chinese, and global, economic growth.
Today there are no notable economic reports and the only notable earnings report comes after the close (GOOGL ($11.08)) so I’d expect a generally quiet trading day as investors digest the recent rally/news.