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Solid Gains in the Pre to Kickstart 2011

Morning Notes

- Seeing nice strength in the premarket this morning
- China manufacturing PMI posted a decline m/m while non manufacturing PMI came in better m/m

Kickstart the New Year

Kickstart the New Year

- Shanghai Comp is closed today however so mkt reaction to comment on
- Nikkei is also closed
- Hang Seng is open and closed up 1.7%
- Eurozone manufacturing PMI came in better than expected
- German PMI came in lighter than expected
- Currencies and commodities markets seeing light volume- again, note that China, Japan, and the UK closed today
- Dollar is up small
- ISM Manufacturing and construction spending numbers out @ 10a ET
- S&P futures are up 10 handles from FV, trading above R4 pivot
- In corporate news, BAC agreed with Freddie and Fannie to resolve repurchase claims and the bank expects to take a $2B Q4 impairment charge for residential mtge loans sold by BAC affiliates directly to the GSEs; BAC is up 4.5% in the pre

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.