Pre Market

The Asian indices are mainly red though Shanghai made a good recovery to end in the green after being down over 3%. Currently, Europe is looking very weak with red arrows across the board.

Consumer confidence and new home sales will be out at 10am ET. The capital market will be anticipating these numbers and move accordingly.

The Yen is gaining substantial ground today due to signs of intervention by Japan's Ministry of Finance to support the currency.

Could the collapse of the Bear Stearns hedge funds be just the beginning of a ripple effect ?

Home builder Lennar swings to 2nd quarter loss and warns of 3rd quarter loss as housing woes continue. Home building stocks are thus under pressure this morning.

Key support levels to look out for:
DOW 13251
S&P 1487
NASDAQ 2535