The Market On Tuesday

At 8:10 a.m. futures are surprisingly up. The market should open with a bang.

Dubai insolvency is a thing of the past.

Today the significant turning point for the markets will be several economic reports. With this information investors will evaluate what kind of shape the recovery is in at this point.

I have to admit I am still wading through this bull market run that has continued essentially since the DOW bottomed out in March. I never thought the run would continue this far. The DOW at 10K seemed like a dream number.

I suspect we are all still waiting for the other shoe to drop or are we shell shocked. We have stock market PTSD.

One thing we can point to is the tone of the market reports. We are no longer seeing the day by day language of volatility. Phrases that include words like optimism and pessimism seem to be getting replaced with a tone of steadiness.

Reuters: Stock futures climb as Dubai worries ease

"Today investors look to the economic calendar for continued signs that the economy is in recovery mode."

CNN: Stocks set to pop higher

The busy day for economic news will start with three reports at 10 a.m. ET, including the ISM manufacturing index, which is expected to have fallen to 55 from 55.7 in October, according to a consensus of economists surveyed by Briefing.com. The reading would still indicate expansion in the sector.

Construction spending for October is expected to have fallen 0.5% after rising 0.8% in September.

The pending home sales index for October is expected to have fallen 1% after rising 6.1% in the previous month.