S&P futures start the morning bid
September S&P 500 futures are firm this morning as the trade is optimistic about events in Europe and comfortable with the global growth outlook provided by Alcoa. Spanish 10 year yields are off over 20 bps as the EU appears set to provide Spanish banks E30 bln in aid by the end of July, and give Spain another year to meet deficit targets. Moreover, shorts may be moving out of the way as the German Constitutional Court starts a hearing on the ESM and fiscal compact. German FM Schaeuble has made the case that a delay of the ESM ruling would create financial stress. The July 5th low of 1357 and 7/6 high of 1364 (employment report day high) may be levels which catch the attention of traders on the upside. Some chart watchers may see yesterday's high at 1350.25 as an early level of potential price support.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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