Stock Futures Rebound on Lack of Bad News From Europe. Stocks to Watch: AVP, GRPN, ZNGA, SIRI, TEVA, AMLN, PSTI

Stock FuturesInvestors are getting a bit of breathing room this morning after Germany’s GDP numbers surprised to the upside. Of course this means ignoring the downgrade spree the S&P went on with Italian banks after the close yesterday. Dow futures are currently up 61. Nasdaq and S&P futures are also pointing to a higher opening, both adding 20 and 9 points respectively.

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The German statistics agency reported that country returned to a growth footing in the first quarter, with GDP rising by.5%. The consensus was for a .1% increase. Italy’s GDP fell.8% confirming the country was back into recession territory.

In the ongoing Greek soap opera some officials floated the idea of a technocrat government. This is obviously designed to push through IMF and ECB reforms so it is doubtful the anti-bailout parties would sign off. Much less the populace.

Asia markets fell overnight as they reacted to the market moves in both the US and Europe. Investors continue to fret over the possibility of a Greek exit from the EU.

Data wise, investors can expect a packed slate today. At 8:30am EST, consumer price index and retail sales reports will be released. At 10am EST, inventories and a homebuilding index will be released.

As long as nothing new or catastrophic develops out of Europe, expect the data to be the market driver today vs headlines from Europe. [Read more...]

Stock Futures Sell Off As European Concerns Weigh. Stocks to Watch: DMD, SODA, ARNA, PSTI, DVAX, STEC, SYNC

penny stocksEurope continues to dominate the the psyche of the global investors. The political turmoil in Greece is bringing up the question of whether or not they will leave the Euro and return to the drachma. Dow futures are currently down 89 points. Nasdaq and S&P futures are down 21 and 11 points respectively.

Domestically, the economic data calendar remains light today with just wholesale inventories slated for release at 10am EST. This will leave the US markets susceptible to knee-jerk reactions on any headlines that emerge from Europe.

Most observers think there will be a new round of elections in June as neither side seems to have enough to seats to form a ruling coalition. The leader of the Radical Left has already come out and said that the Greek debt agreement s were null, hence the market reaction over the past few days. It shows the people on the ground are tired of being dictated to by the IMF and ECB.

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Greece does have fiscal deadlines approaching on whether or not they continue to receive bailout funds. Without a ruling government, one has to wonder the status of the funds and whether or not Greece can meet their fiscal obligations set forth under the agreements. Doubtful at best.

Commodities are enduring the same sell off that the broader market is. Gold prices lost their grip on $1600 per ounce overnight, while oil continues to fall over concerns over growth. Oil is actually good news for consumers as it will lessen the pain at the pump somewhat.

All in all expect a repeat of yesterday in regards to market action. Unless the headlines out of Europe really start getting surprising. [Read more...]

Stock Futures Up In Advance of Data. Stocks to Watch

Stock FuturesFutures are gaining ground this morning as investors wait for a fresh round of economic data. They are also digesting a new round of earnings which includes Goldman Sachs, which reported higher first quarter earnings but lower revenue numbers. Dow futures are currently up 63 points, Nasdaq futures are up nearly 10 and the S&P futures are adding 7 points.

Europe was also given a temporary reprieve as a closely watched German investor expectations index unexpectedly rose for the fifth straight month. This is allowing investors to brush aside fears of a renewed EU debt crisis. Or at least ignore it for a day or so.

In Asia, markets were mostly in reactionary mode as investors there are concerned over the Spanish debt situation and how it will affect the broader global economy. China also saw foreign direct investment in their country take a hit.

Domestically, the economic data calendar is pretty stacked for the day. Housing starts are expected to be released at 8:30am EST. Industrial production numbers are expected at 9:15am EST.

On the political front, President Obama is expected to slam oil price manipulation. Pretty easy to get rid of. Quit saber rattling in the Persian Gulf and it probably calms down the price action. [Read more...]

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