The markets across Asia are mostly up with the Shanghai Composite at all time highs. The European exchanges are mainly in the red.

Crude Oil prices are rising to 3 month highs on tension between Iran and the UK.

New home sale numbers will be announced at 10am EST.

The US indices are expected to open higher. The Dow is on a 5 day winning streak. If this can continue remains to be seen. I expect the new home sale numbers to have a positive effect on the market. If the numbers are good than all is well with the economy and if the numbers stink, than we should expect a rate cut soon or atleast that is how I perceive the market to react.