Traders Waiting For More Data

Good morning. Along with rising oil prices, unemployment applications, and bond yields, two reports on the economy - Leading Indicators at 10:AM and the Philly Fed at 12:PM - will impact today's trading. We also have some more dealmaking news (seeBCE,OO,DJ) on the newswires.

While premarket futures have turned slightly positive, overall trading action so far has been both cautious and volatile. I'm not sure if that provides a good tell for the trading day, but that's my read of so far. My view is that if the buy the dip crowd is going to surface we should see them show up as early as this afternoon (perhaps after the release of the Philly Fed) and most certainly by the end of trading tomorrow. That may indeed be far too optimistic given this week's trading but that's what I'm looking for. Have terrific Thursday!