Weekly S and P Report Comments
by Sean Lusk, PFGBEST
1-877-294-7757
slusk@PFGBEST.com
Wednesday, February 01, 2012 at 3:12 PM
E Mini S&P settles 1319.75 up 11.50
Stock futures continued their march higher buoyed by strong manufacturing data across the globe. Both S&P and Dow futures just missed hitting January’s highs for 2012, before some profit taking took place in the last hour of trading. All ten S&P 500 sectors traded in positive territory, with gains led by financial and industrial stocks. The gains today were driven by signs U.S. employment gains and global manufacturing are sustaining their recent strength. Private employment forecaster ADP released their forecast for 170K new private hires in January, which met expectations, though December’s numbers were revised lower. The reading is seen as a preview to Friday’s release by the Labor Department. In a separate report, a reading on U.S. manufacturing came in at 54.1 for January, a bit below expectations but better than December’s revised reading of 53.1. Construction Spending, jumped 1.5 percent in December, beating projections for a 0.5 percent rise. In Europe, the Stoxx Europe 600 finished with a climb of 2%, and Germany’s DAX index gained 2.4% after purchasing managers indexes rose in the euro zone, Germany, and the U.K. Both of those stock indexes closed at their highest level since last August. Meanwhile, China’s factory sector expanded in January, supporting hopes the world’s second biggest economy will avoid another downturn. All eyes will turn to Friday’s all important jobs report after tomorrow’s jobless claims number. Pre report guesstimates are coming in with a non- farm payroll gain of 150K, with the unemployment rate holding steady at 8.5 percent. Please call me with any questions or comments.
Economic Releases 2/2
Jobless Claims-7:30
Export Sales-7:30
Daily Swing #s ESH2
R2-1340.00
R1-1329.75
Pivot-1316.75
S1-1306.50
S2-1293.50
Daily Swing #s YMH2
R2-12831
R1-12742
Pivot-12646
S1-12557
S2-12461
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