Ups & Downs

Good morning. The first trading day of February looks to start strong following this morning's batch of economic data and earnings news. Following yesterday's Fed rally, there's also some carryover momentum in play. At 10:AM the ISM Manufacturing Index and Pending Home Sales reports are due.

Notable premarket gainers are UEPS, SWIR, ONNN, GILD, ASTM, ITWO, EBHI, FDRY, DELL, FORM, DBRN, VRSN, CELG, MXIM, ZANE, CDNS, CDNS, CPSL, BEAS, ERTS, WEBX, RNOW, LOGI, JRCC, and SUNW. Notable decliners are HEPH, ANDW, ACLS, RSTI, JDSU, NVDA, NTRI, LVLT, and CMCSA.

Over the past few weeks we've seen our fair share of ups and downs so it would be a positive sign if the bulls confirmed yesterday's rally by an even more impressive showing today. And, in my view, that really is what it is going to take to get something started on the upside.

It will also be fun to see how two historical precedents work themselves out - i.e. the 1st trading day of February has a bullish track record (Dow up 6 of the last 7 years) meanwhile the initial gains following Fed decisions tend to fade quickly in the following week after the decision. So, like usual, there's something for everyone to hang their hat on while the market keeps everyone on their toes. Have a great day!