Dartline™ First Look – morning directional planner
February 4, 2010, 7:30 am EST — The Standard & Poor’s 500 index futures down 6.30 to 1090.13, as Britain’s FTSE 100 down 0.9 percent, Germany’s DAX index down 0.8 percent, and France’s CAC-40 down 0.8 percent, while Japan’s Nikkei stock average finished down 0.5 percent. Investors lack conviction to make big bets as they await new reports on jobless claims, factory orders and monthly retail sales for better insight into the economic recovery. A Labor Department report, due at 8:30 a.m. EST, is expected to show the number of workers filing for unemployment benefits fell last week by 10,000 to a seasonally adjusted 460,000, according to economists surveyed by Dartline. A separate report from the Commerce Department, due at 10:00 a.m. EST, is expected to show factory orders likely rose for a fourth consecutive month in December. Dartline predicted orders increased 0.3 percent, as other economists predict orders increased 0.5 percent. … Bond prices are up as yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.68 percent from 3.71 percent late Wednesday. The dollar strengthened against other major currencies, while gold prices fell. … … For the S&P 500 index use 1115.49 as near term resistance and support at 1080.50. Trade both sides of the market with neutral bias. Go with the flow and pick on stocks weak fundamentals.