Good morning. It's Friday and there's not much market-moving news to discuss as earnings season starts to wind down and there's no significant economic data to report. Many traders are feeling tired and more the ready for the weekend to begin after the last few days.
Premarket futures are showing a soft open on fear over government probes, a poor reading on consumer confidence, and comments from Fed Yellen who said that "most probable that the U.S. economy will experience slow, sluggish growth, and not outright recession, in coming quarters." Yesterday the House passed the Senate's version of the economic stimulus plan. Meanwhile, commodities are moving higher again, overseas markets were mixed and there's a little rally going on in the Baltic Dry Bulk index which is up more than +3% this morning
Premarket gainers: CTSH, ATVI, TIF, MFE, BMC, TSTR, VNUS, COIN, PHTN, FALC, TSTR, EPIC, LMNX, IN, MTD, CF, CSTR, CELL, AERO, TBSI, DRYS, LQDT, IONA, CF, ATVI, INFY, NOEC, MCD, SDTH, AMZN, and CHDX.
Premarket losers: MBI, ALU, MGM, SHPGY, GIGA, JASO, UTIW, RNWK, SCOR, PALM, OMTR, ARUN, SCOR, CHRD, WVCM, NTRI, CSIQ, ACGY, TNE, LIFC, AU, and APKT.
We have the often overlooked December Wholesale Inventory report at 10:AM and the markets will be looking ahead to Saturday's G7 meeting. The key for today is simply to hold yesterday's lows, if not see some buying interest develop after a weak open. If we can stabilize today, the hope is that we'll see another rally into next week's options expiration.
The market is searching for both support and direction and in desperate need of new catalysts. Have a good day!
