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Producer Price Index dives 1.6%

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Prices that businesses paid for products plunged 1.6% in October, the largest decline in the PPI since the government began tracking the data in 1947. Today's PPI data is significantly lower than economist's estimates for a drop of 0.4%.

Stock futures see selling

Stock futures were fractionally lower just ahead of this morning's PPI data, but we've seen them drop further after the PPI data. S&P futures are currently trading lower by 3 points to 1,119, NASDAQ futures are down 5 points at 1,514 and Dow futures are off 29 points at 9,570.

Fair value for the S&P 500 today is $1.20. HL Camp & Company has their computers set for program buying at $2.25 and set for programs selling at $0.62. Fair value for the NASDAQ-100 today is $3.37. HL Camp & Company is saying that program trading averaged 25.3% of the NYSE volume during Oct 22-Oct 26.

Companies reporting earnings

Today is a light day for earnings and all reporting are before the opening bell. Trigon Healthcare (NYSE:TGH) reported earnings of $1.08, which was a penny better than expectations.

Adelphia Communications (NASDAQ:ADLAC) reported earnings that were 24 cents BELOW expectations. ADLAC reported a loss of $1.54 versus estimates of -$1.30.

Entercom Communications (NYSE:ETM) reported earnings of 12 cents a share, 2 cents shy of estimates for a profit of $0.14.

Four Seasons Hotel (NYSE:FS), Health Net (NYSE:HNT) and Milacron (NYSE:MX) also reported earnings that were inline with estimates.

Jeff Bailey
Senior Market Technician
Option Investor

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