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MLR - Premarket Pulse October 1, 2012

A strong rebound in Europe this morning is driving U.S. futures higher following another distribution day on Friday. Volume increased on Friday compared to volume levels on Thursday, giving the major averages another day of distribution as the third quarter wound down to a close. Personal income in August, University of Michigan's consumer sentiment index, and the Chicaco manufacturing index all missed estimates while personal spending matched estimates. Over in Spain, most banks passed their stress tests.

While the quarter came to an end on Friday, some fund managers will buy a particular stock to window dress their portfolio, while others will sell stock to lock in profits or dump losers. Either way, Friday was a distribution day for the major indices but so far the market uptrend remains intact.

Markets may also be looking forward to comments from Fed Chief Ben Bernanke today as he is expected to defend and bolster the case for and effectiveness of QE3. Keep a close eye on the precious metals, gold and silver, as they have closed very tightly over the past three weeks, constructive action that likely presages a move higher in the coming days and weeks.

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