Previewing & Trading Today's Economic Reports -July 1, 2011

Despite today being the day before a long weekend, there is a lot of market moving data coming out today, with the key reports being the Michigan sentiment and the ISM data out 30 minutes into the start of trading. At 9:55 a.m., the final reading for June Michigan sentiment is going to be released. The reading is expected to stay the same at 71.8. At 10:00 a.m., the June ISM Index and May construction spending are going to be released. The ISM reading is expected to be 51.1, down from the 53.5 reading that May saw. Any reading above 50.0 indicates economic expansion. May construction spending is expected to show a reading of 0.0%, down from 0.4% in April. If you believe that the ISM reading will come in better than expected, names like Caterpillar CAT, Deere DE, Titan Machinery TITN and Industrial SPDR ETF XLI should perform well. Throughout the day, we will also get June auto sales from the automakers. Ford F, General Motors GM, Toyota Motors TM, Honda Motors HMC and more will all release their June sales throughout the day. Ford is expected to be released around 11 a.m., and GM will come in around noon, as is their Traders can also play the auto names depending on their views of how June sales will come in. At last check, Dow futures were up 18 points, NASDAQ futures were up 1.2 points and S&P 500 futures were down 0.1 points.