This morning, the S&P 500 Index e-mini futures (ES-M3) were trading lower by 1.00 point to $1572.50 per contract. That type of move is common following yesterday's large point advance in the major stock indexes. Often, the major indexes will pause or be more subdued after a big rally. Corporate earnings reports continue to flood markets. Some are good and some are not, so it makes for good trading volatility. Yesterday, Apple Inc. (AAPL) reported earnings that have received a mixed reception. The company's growth slowed dramatically, which is not what investors want to see out of a growth stock.
Watch Japanese ADRs
Last night, all of the major Asian stocks indexes rallied higher. The Nikkei 225 Index (Japan) was the big winner finishing higher by 2.32 percent. Traders should watch for strength in many of the Japanese ADRs today if the U.S. markets are strong. Some leading Japanese-related equities that could be in play today include the iShares MSCI Japan Index Fund (EWJ), Toyota Motor Corp. (ADR) (TM), Sony Corp. (ADR) (SNE), Honda Motor Co. Ltd. (ADR) (HMC) and Canon Inc. ADR (CAJ).