Good morning. The CPI for May rose +0.6% influenced by higher energy prices. The report was mostly inline with expectations and has helped premarket sentiment.
In other news, chatter that Lehman will receive an investment by Blackstone, falling oil prices on a report that Saudi Arabia plans a sizable increase in crude production, and dollar strength ahead of a key G8 finance ministers meeting are in focus. Also, according to RealtyTrac, bank repossessions more than doubled in May and foreclosure filings rose +48% as previously foreclosed properties dragged down housing prices. At 10:AM we have the University of Michigan's consumer sentiment survey.
Premarket gainers: SWHC, SEED, PWRD, HSVLY, ASTI, CPST, LEH, UAUA, ROYL, STLD, MF, LCC, MEE, CHDX, DRYS, AEHR, COG, AKNS, & RRC.
Premarket losers: FNSR, KEY, OMX, CYTX, QGEN, ENER, NDAQ, ACGY, FITB, TYPE, ACGY, QELP, YHOO, & ASML.
Based on what I'm seeing so far in premarket trading, it should be a good day for the market. We remain oversold enough that that alone should help contribute to a positive flow. Have a great Friday!
