News Column

Futures Pointing To Modestly Higher Open On Wall Street

May 28, 2014

WASHINGTON (Alliance News) - Stocks may move to the upside in early trading on Wednesday, extending the upward trend seen over the past few sessions. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 18 points.

The markets may benefit from the recent upward momentum seen on Wall Street, which has lifted the S&P 500 to new record highs.

While the Dow is also climbing back toward the record highs set earlier this month, the tech-heavy Nasdaq has reached its best levels in almost two months.

Peter Boockvar, chief market analyst at the Lindsey Group, noted that there continues to be a difference in the attitudes between professional and individual investors.

"As measured by Investors Intelligence, the professional investor is widely bullish," Boockvar said. "Today, Bulls rose to 58.3 from 57.2, while Bears fell to 17.3 from 18.3. Bulls are just shy of the 3 readings seen in late December/early January, which were last seen in October '07, while bears are at 13 week lows."

Meanwhile, he added, "The new AAII read of the individual comes out tomorrow, but last week's Neutral camp was just shy of the highest since 2003, pointing to complete confusion."

A lack of major US economic data may lead to a lackluster performance in today's trading, with investors looking ahead to the release of reports on weekly jobless claims, pending home sales, and personal income and spending later in the week.

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Source: Alliance News

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