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Yesterday, the Institute for Supply Management provided a key report on the Manufacturing Index and it posted continued improvement. Also before opening bell yesterday, the Commerce Department reported on personal income and spending. The report posted numbers that reveal a slight decrease regarding overall personal income while personal spending revealed a slight increase. This news added to the slight bump in trend lines towards the positive yesterday morning but did not hold through the day as market index values pushed down into the red as the day progressed. End of day close for the first day of November 2010 was one ultimately filled with more worry of what the future holds regarding economic recovery and stimulation. Positive anticipations are starting to diminish as the scope and sequence of the Federal stimulus is questioned and investors are wondering how much support will be provided via quantitative easing. The Feds will release details this week (tomorrow) pertaining to the amount of intervention that will implemented. Today, stock futures are posting higher. Big news for today is that the public will head to the polls to cast their votes for mid-term elections. Stocks are not expected to show a lot of change for today. There is no major economic news posting this day and most eyes and ears will be angled towards mid-term elections and tomorrow’s details regarding the Fed’s plans to support economic recovery. Tomorrow, the Federal Reserve will present a policy statement that is expected to provide details on a new round of asset purchases as part of a larger quantitative easing plan. Later this week, the Commerce will also provide a report on Wednesday posting factory orders in October. In addition to these reports on Wednesday, auto sales will post. On Thursday, the Labor Department will release statistics on the initial jobless claims. Pending Home Sales are due out on Friday from the National Association of Realtors. As home sales are often a positive indicator of the general health of the economy, hopes are that signs will point toward home sales improvements. In world markets, Asian index values saw little movement today as the Nikkei and Hang Seng moved ahead .1% and the Shanghai Composite ended .3% lower. European stocks are mixed currently and little movement is expected there as well. Author: Frank Matto
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