Stock's are set to open higher as stock futures build on gains after last night's earnings from tech bellwether Cisco Systems (NASDAQ:CSCO). S&P futures are up 17 points at 1,064.40. NASDAQ futures are surging higher, up 47 points at 1,203 and Dow futures are up 150 points at 9,950.
Fair value for the S&P 500 today is $0.50. HL Camp & Company has their computers set for program buying at $1.42 and set for selling at $-0.92. Fair value for the NASDAQ-100 today is $3.50.
Treasuries see selling
Equity bulls look like they may get some help from the Treasury market as Treasuries are seeing selling this morning as the YIELD on the 10-year jumps to 5.133%. This selling will generate some cash that could flow into equities. With the NASDAQ-100 bullish % ($BPNDX) falling to just 17% after yesterday's action, it will offer a lower risk environment for stocks that may just offset the perceived safety in Treasuries. This could provide a nice and rather powerful near-term rally.
There is no economic data scheduled for release today. Tomorrow morning at 08:30 AM EST, jobless claims for the week ending May 4th will be released. Economists are looking for a number near 406,000, which would be below the previous week's 418,000.