After Hours

Thursday After Hours
Last Update: 15-Jun-06 17:10 ET
price level vs. 4 pm ET: Stocks extended yesterday's relief rally as government reports and encouraging commentary from Bernanke suggested the economy remains resilient; all ten economic sectors posted strong gains today. A slightly mixed bias, however, dominates the after hours session. The S&P 500 futures, at 1266.80, are close to fair value, while the Nasdaq 100 futures, at 1595, are 2 points above fair value.

With little in the way of economic data outside of a preliminary read on Michigan Sentiment (9:50 ET), and an earnings calendar similarly devoid of influential releases, investors' attentions could be redirected at the reality of worsening market fundamentals -- firming inflation, rising interest rates, and slowing economic growth. Such concerns underscore our Neutral market view and question the sustainability of the largely technical bounce behind the biggest two-day rally since April. Also, bear in mind that tomorrow's trading could invite increased volatility due to quarterly options expiration ("quadruple witching").