Thursday, June 21, 2007

Pre Market

The Asian markets did well. Europe is streaked with red.

Today is the all important Philly Fed survey.

Leading indicators will be out 30 minutes after the open.

Jobless claims are up though its nothing astonishing.

Gold prices are attempting to pick up this morning after yesterdays drop.

The 10 year bond yield is up slightly this morning.

The US Dollar appears to have hit long term resistance and is likely to head downhill from here.
The chart shows the various peaks in late 2005 , early 2006 , late 2006 and now. Its been a series of lower highs and lower lows. Unless the trendline is decisively broken I would expect the downtrend to continue.

Pre market futures are showing a lower open. There is resistance for the S&P at 1520 and support at 1490. I expect a rally after a weak open.

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