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Post: Tuesday - Yesterday's close gives hope for a fresh start. | Daily Delphi

BlogsPit Talk › Tuesday - Yesterday's close gives hope for a fresh start. April 1, 2014, 6:50 am

CALENDAR
9:00 AM CT
ISM Index for March
Prior 53.2 Forecast 54
Construction Spending for Feb
Prior 0.1% Forecast 0.0%

MONDAY RECAP
Equities finished the month on an upbeat note. Most of the buying came in the first hour or so, after that the markets spent the remainder of the day in a relatively tight range. The early session buying was bolstered by Fed Chair Janet Yellen's comments that the Fed remains short of its employment and inflation goals and that the economy requires 'considerable support for some time.' Those were words of comfort for investors who are looking for a reason to be involved right now.

TODAY'S ACTION
European markets are broadly firmer in morning trade and the Asian markets ended the session mixed. US investors will be looking at the ISM manufacturing index for the latest reading on the economy's health. The Institute for Supply Management’s gauge of activity probably climbed to 54 last month from 53.2 in February, according to the median economist estimate compiled by Bloomberg. A reading above 50 indicates expansion. It's a fresh start to a fresh quarter this morning and traders are hoping to see some extra bounce in the market today, but don't be fooled by sunshine and warm temperatures. The market won't make any big commitment to the upside before we see Friday's jobs data. Trade strong.


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