It seems like the U.S. markets are likely to see a sloppy start after Friday's sessions,

The markets are still very defensive in tone. Airlines are still being hit quite sharply. But we saw some renewed interest in some of the telecommunication names,

The markets are still very defensive in tone. Airlines are still being hit quite sharply. But we saw some renewed interest in some of the telecommunication names.

There has been a slight softening in the economic data. Profits generally grow in line with the cycle, so if the economic data is growing sideways, or is not as strong as it was, then to what extent does that indicate (a) troubled recovery in profits?.

One reason the futures may be up is because the latest economic data have been a bit softer than expected and that better for the direction of interest rates.

What seems more likely is that the markets, having enjoyed an almost uninterrupted rally since last summer, have been looking for an excuse to take a breather and consolidate the gains.