Good morning. We start the day with a couple of disappointing economic reports as
durable goods orders fell 5.3% and a plunge in
refinancing applications. Beyond the data, we also have a number of negative headlines from the likes of
Fannie Mae (FNM) and
Toll Brothers (TOL).
With few positives to focus on, premarket futures are pointing to a lower open while overseas markets are mixed (strength in Asia - weakness in Europe). In addition the dollar has hit new lows while gold continues its climb toward $1,000 dollars per ounce.
Premarket gainers: CHTR, NFLX, DWA, ETEL, NWMO, LKQX, PRXI, OIIM, EDAC, VPHM, ATHN, CLHB, DROOY, MEDX, NIHD, CKP, ERES, SGY, HLF, VSNT, BARE, and GIGM.
Premarket losers: ADSK, JASO, FNM, OFIX, NT, SOLF, LAMR, YGE, AMGN, DY, URS, CRI, DRC, BTUI, COST, MICC, and INTC.
We have busy morning ahead. Bernanke is scheduled to testify at 10:AM and the market will be watching for any comments he will share regarding inflation and how it may impact his master plan to continue slashing interest rates to stimulate the economy. In essence, the market wants to know if Bernanke is more concerned about the sagging economy or inflation. We also have another report on new home sales and the weekly oil inventory numbers during the same hour.
Go make it a great day!
