Groundhog Day

[Foxlette]

8:40AM: The futures are pointing to a higher open....PPI was just released. It fell 0.2% in April, much lower than the +0.4% consensus; the core rate rose 0.1%, in line to a tenth lower than most estimates. Though the total PPI figure was much lower than expected, the core rate is the more reliable indicator and was pretty much in line with market expectations. This is a slight positive for the market but is unlikely to have much impact given the lack of inflation concern at present. The futures have improved a bit since the release, especially the Nasdaq....
Last night, the dollar fell against the euro and the yen on speculation that the US recovery may take longer than expected....Overseas, European and Asian markets were mostly lower....Current indications: S&P 500 futures are +4.60, or 5.6 pts above fair value. Nasdaq 100 is +10, or 13 pts above fair value. Nas 100 PMI +5.11.