Day Traders Diary

02/02/2012

S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +7.00.
Stock futures suggest a flat start for today's trade. The neutral tone comes as broad market participants shrug off a sizable batch of better-than-expected earnings results ahead of Fed Chairman Bernanke's testimony at 10:00 AM ET and an official payrolls report tomorrow morning. Market participants already received the latest weekly initial jobless claims report, which was slightly better than what had been expected. Fourth quarter productivity increased in line with expectations, but fourth quarter costs climbed more than had been anticipated. Meanwhile, mixed action in Europe has also made traders less willing to take sides this morning.

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