Pre Market

Weakness in the Asian markets and all across Europe. I suspect a pullback in the US markets is near.

GDP number came in weaker than expected showing 1.3% Q1 growth vs a consensus range of 1.4-2.7%.I would think the market reacts positively to this news because slowing growth means a rate cut is around the corner.

The US dollar has set an all time low against the Euro. Funny how the Dollar drops 40% over the last few years and the US markets are up 40%. Also note the Yen has spiked in the last few minutes with the GDP release.

Gold is starting to move back up after the pullback the last few days.

EARNINGS CALENDAR

Burger King beats analyst expectations as everyone hails the King.

Exxon continues it record profit spree as high oil prices continue to boost earnings.



Pre Market Futures are indicating a weak open. I expect some sort of pullback today. The recent runup has been ridiculous and we need a nice 2-3% decline for the sake of sanity.