Tuesday, May 08, 2007

Pre Market

The Asian markets are all red save China (and New Zealand) which is up almost 3%. Like I keep mentioning, the Chinese market is coming real close to topping out. I feel a week or two longer and a top will be made. How long can an index keep running up 4-5% a week ? The European markets are all red.

Stocks In Play

Earnings Announcements

Some earnings I will be keeping an eye on - CELL, CSCO, EXPE, FTK, PZZA, TAP, HET, NUAN, OMRI, PCLN, GOLD, STKL, VSE, TRLG and DIS.

US retailer April sales may have fallen for the first time in 4 years. I think higher gas prices are going to continue to pinch consumers pockets.

The USD continues to act strong this morning which may be a negative for equities.Same with the Japanese Yen.

Stock index futures are suggesting a weak open to the market. Will this weakness be another buying opportunity or will traders show caution ahead of tomorrows FOMC decision ?

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