Futures were pointing towards a higher open on the strength of a better-than-expected manufacturing report from China which offset poor economic data here at home before the bell.
Specifically, Personal income dipped 0.1% in September, versus expectations for an increase of 0.2%. As for spending, it increased 0.2%, but was less than the 0.4% increase that had been assumed. Core personal consumption expenditures for September were flat, as expected.
Against this backdrop, stocks opened higher but got a boost a half hour later with the release of October ISM Manufacturing Index which also came above expectations. The index printed a number of 56.9 while Wall Street was expecting a reading of 54.0.
The Dow is currently up 51 points to 11,169 but has traded to a high of 11,244. We are looking for a close above 11,200 today.
The S&P 500 is showing a gain of 5 points to 1,188 but has traded as high as 1,195. There is strong resistance at 1,196 and we are looking for a close above 1,200 for confirmation of a continued rally.
The Nasdaq, which was the first index to confirm another leg up when it closed above 2,500, is up 3 points to 2,510 but has traded to a high of 2,532.
And this just in, Apple (AAPL, $302.90, up $1.92) is getting a pop after moving past Research In Motion (RIMM, $56.10, down $0.82) in the U.S. market share for smartphones. According to latest figures, Google’s (GOOG, $612.66, down $1.04) Andriod is still top dog with a 44% market share while Apple is up to 23%. RIMM slipped to 22% of the pie.
We have a lot going on in our Members Area so we have to cut it short today as we move up targets and talk about our current trades.