Good morning. As Americans prepare for the Thanksgiving holiday tomorrow, markets around the world are under heavy pressure.
Record oil prices and concerns over the
unwinding of the carry trade dominate. Not helping matters here include some disappointing reports from retailers (see
ANF,
CHRS,
LTD). As a clear sign of a flight to safety, yields on the 10-year Treasury notes fell below 4% for the first time since September 2005.
Premarket gainers: STEM, CMED, DE, CPSL, IKN, NGAS, GLNG, CXSP, ASML, and ASYS.
Premarket losers: TSL, JRJC, SOLF, XFML, SHLD, JASO, VRTX, CSUN, CSIQ, CHL, DRYS, ERIC, WFMI, TASR, SPWR, TBSI, ESLR, FTEK, SIRO, CFC, BIDU, FFH, CF, CC, ANF, CROX, GRMN, RIMM, MRVL, DNDN, NVDA, and JNPR.
Along with more rumors of emergency rate cuts and the like, we should be prepared for more volatility and thin trading volumes as reports on consumer sentiment and leading indicators come out at 10:AM and the weekly EIA Petro report at 10:30. The bond market closes at 1:PM. Let's see how the market reacts to this morning's economic data and any rumors that surface between now and the close.
