Trade the News Market Internals Update at 15:30ET

Dow +131 S&P +13 NASDAQ +32

***Economic Data***

– (US) July Chicago Fed National Activity Index: -0.06 v -0.48e
– (MX) Mexico Jun Retail Sales: 4.8% v 3.1%e
– (US) Q2 Mortgage Delinquencies: 8.44% v 8.32% prior; MBA Mortgage Foreclosures: 4.43% v 4.52% prior

– US equity futures popped higher in the pre-market this morning, bouncing nicely after last week’s big slide. The major indices are backing away from opening levels after an hour of trading, however. Brent crude fell to around $107 this morning following the rebel advance into Tripoli as investors anticipate the resumption of oil exports from Libya. NYMEX crude is a little higher, trading a bit above $83. The only notable earnings for the morning were out of Suntech Power, where Q2 profits widely missed expectations, and the firm cut its full-year revenue guidance. Shares of discount chain 99 Cents Only are up 10% following overnight press reports that Apollo Management is said to be readying a bid for the company. Some money is moving away from bond markets as yields are higher on both sides of the Atlantic.

– The FX markets are subdued following recent volatility, with major pairs well contained in ranges despite the decent rally in equity markets. EUR/USD maintained a foothold above the 1.44 level, higher by 50 pips from the Tokyo open. Note that the Greek finance minister commented that Greece’s budget implementation was proving to be more difficult due to the recession and could affect its planned deficit targets.

***Looking Ahead***

– (AR) Argentina Aug Consumer Confidence: No est v 58.07 prior
– 11:00 (US) Fed to purchase $0.5-1.0B in Notes/Bonds
– 11:30 (US) Treasury to sell $29B in 3-month and $27B in 6-month Bills
– 22:30 (CH) HSBC Flash China Manufacturing PMI: No est v 48.9 prior

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