A bullish U.S. Third Quarter GDP Report this morning has helped launch a strong rally in the December stock index futures. Traders have renewed their demand for higher risk assets after a four-day decline. Technically, the markets are only retracing the recent down move. A close on the high and a follow-through rally tomorrow will be a better indication that the correction is over.

The U.S. Dollar is trading mixed against most major currencies this morning ahead of the New York session opening. Traders will be taking early cues from the equity markets as earnings continue to dominate the news. Later during the trading session, the markets are likely to react to the release of the Fed’s Beige Book.

Traders expecting upbeat earnings reports this week are helping to drive up stock index futures this morning. Investors seem to be optimistic that the positive earnings trend will continue. Technical indicators continue to signal overbought conditions, but investors seem to be ignoring these indicators because they really have no investment alternative other than equity markets at this time.

Look for today’s U.S. ISM Non-Manufacturing Index to move the markets today. Traders are looking for a rise from 48.4 in August to 50 in September. A number greater than 50 should trigger increased demand for higher yielding assets.