* Case/Shiller home prices, consumer confidence on tap
* Research In Motion unveils tablet computer
* Futures up: Dow 33 pts, S&P 500 0.1 pt, Nasdaq 7 pts
* For up-to-the-minute market news see []
(Updates market activity, adds Endo Pharma acquisition)
By Edward Krudy
NEW YORK, Sept 28 (Reuters) - U.S. stock index futures
edged higher on Tuesday as traders looked ahead to key economic
data in another test for the improving recovery theory that has
driven up stocks this month.
Signs the economy is on firmer footing have driven gains of
about 9 percent in September. Fresh indicators for the economy
will be the S&P Case/Shiller Home Price Index and the
Conference Board's monthly consumer confidence data later in
the day.
"The market mover today will be the consumer confidence,"
said Peter Cardillo, chief market economist at Avalon Partners
in New York. "A number there that is not going to show that the
mood of the consumer is eroding further I think could probably
propel stocks a bit higher today."
S&P 500 futures <SPc1> rose 0.1 point and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> gained 33
points, and Nasdaq 100 futures <NDc1> added 7 points.
The S&P 500 blew past a strong technical resistance level
at 1,130 last week. Resistance is seen at about 1,173. The
index closed at 1,142.16 on Monday.
The S&P Case/Shiller Home Price Index for July is due at 9
a.m. EDT (13:00 GMT) and is expected to show a decline of 0.1
percent versus a gain of 0.3 percent in June. The Conference
Board's consumer confidence report is expected an hour later
and is seen falling to 52.5 from 53.5, according to a Reuters
poll. For details, see []
Cardillo said he expected the September rally to continue
through the end of the month, helped by end-of-quarter
portfolio adjustments. "I think September will go out like a
lion", he said.
European shares were slightly lower in early trade after
dropping about 1 percent on persistent worries over sovereign
debt levels in euro zone countries. The Nikkei 225 index closed
down 1.1 percent as the deadline passed for dividends for the
financial first half year.
Concerns over euro zone debt remained present and have
weighed on equities all year. Standard & Poor's warned Tuesday
it may cut Ireland's credit rating again due to the rising cost
of recapitalizing nationalized Anglo Irish Bank Corp Plc
[], pushing Dublin's borrowing costs to fresh peaks.
[]
Pfizer Inc <PFE.N> discontinued a late-stage study of its
Sutent drug for advanced prostate cancer after it became clear
the drug was unlikely to improve overall survival.
[]
Continuing the spurt of recent M&A activity, Endo
Pharmaceuticals Holdings Inc <ENDP.O> will buy private generics
company Qualitest Pharmaceuticals for about $1.2 billion to
expand its portfolio of pain drugs, marking its second deal in
as many months.
Options investors seemed to be more concerned about current
market conditions. Larry McMillan, president of McMillan
Analysis Corp, said extreme overbought conditions were seen in
the "term structure" of VIX futures.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)
