Pre market

The Asian and European markets are fairly weak this morning.

Economic Calendar

Orders for durable goods are up this morning as demand for airplanes remains strong. However demand was less than Wall Street estimates.

Earnings

Ford reported a surprise profit after 2 years of losses.

Home builder DR Horton swings to a loss as the housing downturn worsens.Home buidling stocks continue breaking to yearly lows.

The markets are set to open lower this morning. A lower open might provide a great buying opportunity as long as July 24th low of 13661 on the Dow and July 25th 1504 lows on the S&P 500 are not broken. The S&P also has support at 1490. The Dow could find support near its 50 day moving average at 13585.