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The S&P futures are recovering nicely from Friday's sizable retracement on large volume in the wake of rising investor uncertainty. The S&P futures slammed beneath Wednesday lows, yet managed to avoid a retest October lows by a narrow margin. Investors are testing the waters again this morning after the ISM Manufacturing PMI and Pending Home Sales data points came in well above analyst expectations. However, the ISM number isn't too surprising since we've seen outperformance in regional Manufacturing PMI data recently. Exporters and manufacturing businesses likely benefited from October's sizable depreciation of the Dollar. As for the Pending Home Sales number, while encouraging, the positive reading derives its strength predominantly from Existing Home Sales rather than New Home Sales. Hence, the problems that concerned investors on Friday haven't been answered today. Therefore, a downward pressure does remain and investors may wait for more econ data and the monetary policy decisions later this week before making a larger commitment in either direction.
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