Day Traders Diary
02/13/12WRAPX S&P futures vs fair value: +9.10. Nasdaq futures vs fair value: +20.50.
A pronounced drop in stock prices this past Friday pushed the S&P 500 into the red for the week after it had posted five consecutive weekly gains, but the broad market measure appears poised to start the new week on a strong note. Renewed buying interest stems from news that Greece's parliament has approved new austerity measures intended to convince eurozone officials that the flagging country is deserving of bailout funds. The headline comes after weeks of speculation and anticipation for such a feat. Although there remain concerns regarding the efficiency with which any sort of plan will be implemented, the implications of the announcement have made it a primary catalyst for early trade, especially since earnings reports are sparse and without broad consequence and there are no economic announcements on tap for today.
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