Day Traders Diary
01/31/2012WRAPX S&P futures vs fair value: +6.70. Nasdaq futures vs fair value: +14.00.
Stock futures suggest that the major equity averages will start today's session in positive territory. Following three straight losses for the S&P 500 the bid has been helped by renewed buying abroad. Improved sentiment overseas comes in conjunction with speculation over possible progress by Greece in its efforts to compromise with creditors, and restore stronger financial and economic conditions after many European officials reached an agreement on future bailout funds for the eurozone. The news has also helped the euro trade higher; it currently leads the greenback by about 0.3%. Also, earnings have been generally upbeat, featuring plenty of upside surprises to the latest lot of reports. Economic data hasn't been all that consequential, however.
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