Good morning. Premarket futures are down along with overseas markets as continued concerns around the world over financials pressure sentiment. Like yesterday, oil prices are again under pressure while Bernanke makes the case for increased regulatory powers.
Premarket gainers: OPWV, ENER, MDVN, UXG, BPHX, GBX, ALK, UAUA, CAL, CLNE, NCR, BEXP, YGE, GSK, TRLG, MA, GMXR, DNA, & FNM.
Premarket losers: IBM, BRLC, ODP, SNV, IRE, AIB, HK, CAVM, MINI, GOLD, LMC, TS, SNV, AOB, & QELP.
Today’s May pending home sales report at 10:AM is expected to fall –3.0% month over month, reversing about one-half of the unexpected +6.3% surge seen in April. We also have the Wholesale Trade report at the same time. And at 3:PM May's consumer credit report is expected to show an increase of +$7.5 billion. None of these reports should be significant market movers. However, the official kick-off of the second quarter earnings season begins this afternoon with Alcoa's Q2 earnings report.
We are so extremely oversold at this point that the conditions are almost perfect for another large scale counter trend rally to develop so don't be caught off guard if we see one begin.
Have a terrific Tuesday!
