Day Traders Diary
02/16/2012WRAPX S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +4.30.
Broad market stock futures point to a flat start to today's session. The tone may seem tepid, but it actually marks an improvement from earlier this morning. Market participants continue to assess this morning's headlines. There are, of course, continued concerns about dealings in Greece, but a recent dose of economic data featured a better-than-expected weekly initial jobless claims tally and a stronger-than-expected pick-up in monthly housing starts. Monthly producer prices were relatively mixed. Still on the economic calendar is the latest Philadelphia Fed Survey (10:00 AM ET). Additionally, analysts at Moody's also announced plans to review a bevy of banks and other financial institutions. Earnings remain in the mix, but consistent with the trends of recent weeks they haven't had too much of a direct impact on broad market sentiment. Also in the backdrop is moderate weakness among many of the major averages abroad. Meanwhile, many foreign currencies are weaker against the greenback, resulting in a near 0.4% gain for the Dollar Index.
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