Another quiet news day might mean another day that the upward intra-day drift continues. S&P futures suggest a near flat open.
The biggest news is that the Spanish 10-year yield has fallen to 6.46%. That isn't big news, but there isn't much competition today.
Foot Locker and Gap stock prices are higher on good earnings reports.
The early read on August consumer sentiment will be out at 9:55 ET and the leading indicators index at 10:00 ET.
Global stock markets remain unconcerned that Europe is in economic recession, Chinese growth is slowing significantly, and the US is stuck at about 2% real GDP growth. There is no upturn in growth anywhere that suggests the paltry 3% second quarter revenue increase for the S&P 500 will pick up soon. Earnings are expected to be down in the third quarter, and without a revenue acceleration, fourth quarter earnings are likely to massively disappoint Wall Street's unrealistic 10%+ current forecast.
These basic fundamentals, for now, are taking a back seat to the fact that Fed Chairman Bernanke will speak on August 31 at a conference at which he has previously announced quantitative easing.
Founder and Chairman, Briefing.com






