Upturn in homes sales sends stocks slightly higher

U.S. stocks struggled for direction early Thursday.

Gary Townsend submits:This morning. Equity futures were higher, with March SPX futures at 1279.80, up +9.32 points after fair value adjustment. Asian, and especially European markets, are higher. Asian markets are recovering from their recent sharp correction, and European economic news surprised positively. In the U.S., earnings season progresses with 3 of 4 S&P500 companies reporting positive earnings surprises.

Gary Townsend submits:This morning: After fair value adjustment, equity futures are lower this morning, after a disappointing November employment report. Notwithstanding the past two day’s advances, markets remain in correction.

Gary Townsend submits:This morning. Equity markets are in a confirmed uptrend. Major indexes largely reversed Tuesday’s losses, closing higher on lower volume. Recent distribution days number four (on September 21st, 30th, October 15th and 19th) two for the DJI and NASDAQ, three for the SPX, and four for the NYSE composite. December SPX futures are up +7.23 points after fair value adjustment.

WASHINGTON – The United States economy likely expanded slightly in the fourth quarter, according to data on Friday that suggested a surprise drop in GDP reported by the government last week was overstated. The U.S. trade deficit narrowed to its lowest point in nearly three years in December on a drop in oil imports and a surge in exports. Trade data for December paint a reassuring and encouraging picture of the U.S. economy at the end of last year

Gary Townsend submits:This morning. After Tuesday’s breather, equity markets posted solid gains Wednesday, Volume declined. The DJI, SPX and NASDAQ closed at fresh 2-year highs. The NYSE composite stands just below last Monday’s 2-year closing high. March SPX futures are higher, up +1.31 points after fair value adjustment at 1273.50. Distribution days number 2 for the SPX, 3 for the NYSE, and 4 for the NASDAQ. Markets remain in a confirmed uptrend.