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Upside Momentum For Stock Index Futures


Stock index futures are sharply higher with NASDAQ futures advancing to a new record high.

The 8:45 central time June PMI services index is expected to be 46.7 and the 9:00 June Institute for Supply Management non-manufacturing index is anticipated to be 50.1.

Stock index futures continue to exhibit upside momentum and are overperforming the news.


The U.S. dollar is lower due to mostly stronger economic reports overseas. A partial recovery in the greenback is likely from the morning lower prices.

The euro currency is higher after a report showed retail sales in the euro zone rebounded more strongly than estimated in May. The European Union’s statistics agency said the volume of retail sales across the currency area was 17.8% higher than in April, which is a record advance. The rebound was larger than the 14% gain that economists had predicted.

The euro currency is higher despite news that German manufacturing orders increased 10.4% in May. Economists expected orders to grow at a higher rate of 15% from the previous month.

A strong rebound in U.K. construction output during June supported the British pound.

Higher crude oil prices underpinned the “commodity currencies,” the Canadian dollar and the Australian dollar. 


Flight to quality longs are being liquidated in light of substantially higher stock index futures.

There are no major Federal Reserve speakers scheduled for today.

According to financial futures markets there is a 96.7% probability that the Federal Open Market Committee will leave its fed funds rate unchanged at zero to 25 basis points at its July 29 policy meeting.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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