Yesterday was the lowest volume full day of the year (only lower volume day was July 3rd, which was a half day before July 4th). I’m not sure how much information that factoid holds for the market’s future, but it’s notable nonetheless. Based on overnight futures volume, we’re in for another light day today.
- SPX futures traded in a 9 point range overnight, catching a bid (as seems to be the new habit) right after the European open, and trading up 0.25% right now
- Asia closed broadly higher in light trading, and Europe is trading up 0.5 – 1.0% on broad based sector strength
- Treasury bonds and the dollar are both lower by a touch, and commodities are slightly higher across the board
- Main economic data overnight was a weak German factory orders report (-1.7% vs. -0.8% expected) and a weaker than expected Italian industrial production report (-1.4% vs. -1.0% expected), but Europe is in “bad news is good news” mood awaiting ECB action, so markets chose the green button