Futures were strong for much of last night but were weakening as the overseas markets opened for trading. Dow futures were up double-nickels at midnight but were cut in half by the time Europe’s indexes opened and continued sinking as Wall Street prepared for the start of 2Q. Mixed PMI readings out of China and Japan and a higher unemployment reading out of Europe led to a weak opening but economic news here at home has helped the bulls recover although it too was mixed.
The ISM Manufacturing Index came in at 53.4% last month versus expectations for a print of 53%. Readings over 50% indicate more manufacturers are expanding than contracting. Meanwhile, Construction Spending report for the month of February fell 1.1% compared to expectations for an increase of 0.7%.
After touching a low of 13,154, the Dow is now up 75 points to 13,287. The S&P is higher by 12 points to 1,420 after testing a low of 1,404. The Nasdaq is up 26 points to 3,118 after kissing 3,079.
Subscribers, check the Members Area for the updates and stay on the alert in case we release a trade from our Watch List later in the day. It will depend on market conditions but we are starting to see some low hanging fruit.