The stock market looks like it may be looking for new direction on Tuesday as investors are awaiting pending home sales and the ISM Manufacturing Index for more signs on whether recovery is on the way. Over the past week and a half, the market has had trouble keeping its rally going and continuing to resiliently drive up market prices. The issue has been a lack of data and earnings reportings.
Futures as of 7:30 AM were showing a lower open for the market, with the Dow down nearly 50 points, the Nasdaq was down 11 points, and the S&P was down nearly 6 points. This was somewhat driven by the fact that every European index is down today, and the Asian rally seen this morning was too modest to create any influence on the American markets. Europe was hit hard due to unemployment rising to its highese level in ten years and nearing the 10% mark.
Oil rose just ever so slightly in Asia today back above $70 per barrel. Most analysts seem to agree that oil is definitely stuck in a slight rande with $65 per barrel on the low side and the low $70s on the high side.
It still was another rather uneventful morning in the slow doldrums of the September month, which is notoriously one of the weakest months of the year.
Credit Suisse upgraded Vale ADS(VALE), who is a Brazilian mining company that mines and produces metals, but other than that, it was a pretty quiet morning. We will just have to sort of wait and see what comes out on the data front before being able to make any decisions on stocks and where the market is headed.
IN PROGRESS
