Futures Show Green Start in Monday’s Morning Outlook
Futures are pointing higher in premarket action Monday, I am not going to try to rationalize why, but the lack of a catalyst has me worried about the conviction of buying. The week will see declining volumes ahead of the Christmas holiday, which helps move the market. investors were also watching the situation in North Korea after the death of communist leader Kim Jong-il. Look at all the bad guys who have called it quits, what a great year! Futures for the Dow Jones Industrial Average rose 56 points, or 0.5%, to 11,834. Those for the S&P 500 index rose 7.3 points, or 0.6%, to 1,218.10. Nasdaq 100 futures rose 15.75 points, or 0.7%, to 2,232.75.
Wall Street gave up early gains to finish mixed in Friday’s session. The Dow Jones Industrial Average declined 2.42 points, or less than 0.1%, to 11,866.39. The S&P 500 rose 3.89 points, or 0.3% to 1,219.65, with energy up the most and utilities hardest hit among its 10 industry groups. The tech heavy Nasdaq Composite added 14.32 points, or 0.6%, to 2,555.33.
Currencies and Commodities
The dollar rose 0.1804% at 77.9010 yen in the currency market. The euro is losing 0.2870% at $1.3008 while the pound is depreciating 0.4229% to $1.5480. Gold is down 90 cents to $1,597.00 an ounce, while silver is falling 2.24% at $29.01. Light, sweet crude for January is rising 24 cents to $93.77 per barrel on the NYMEX; a 0.26% advance.
Housing Market Index: The National Association of Home Builders produces a housing market index based on a survey in which respondents from this organization are asked to rate the general economy and housing market conditions. The housing market index is a weighted average of separate diffusion indexes: present sales of new homes, sale of new homes expected in the next six months, and traffic of prospective buyers in new homes. The consensus reading for December is 20, even with November’s. The range runs from 19 to 22.