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The S&P futures are holding strong above their highly psychological 1100 level despite another wave of negatively mixed data. Industrial Production, PPI, and Capacity Utilization rate data all printed weaker than expected. Possibly the most discouraging figure is the -0.6% Core PPI reading (minus food and energy). The -0.6% Core PPI number shows the Fed's alternative liquidity measures are not fully countering deflationary pressures. Today's downturn in PPI further supports the presumption that the Fed will maintain a loose monetary stance for the foreseeable future. The continuation of dovish monetary policy implies further weakness in the Dollar and more attractive funding for corporations, thereby improving near-term corporate performance. As a result, the S&P futures are continuing to cast aside cautionary economic data reports.
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