Good morning. We're set for a positive start to September as oil prices fall significantly after Gustav failed to wreak havoc to critical energy facilities over the holiday weekend.
In other news, Korea Development Bank confirmed that it is in talks to invest in Lehman Brothers. On Friday, the FDIC had to take over yet another bank, ironically named Integrity Bank, in Alpharetta, Georgia.
Of course, both airlines and financials were early leaders in premarket trading with a very strong positive bias overall for the open.
Premarket gainers: SCRX, BDSI, SIGA, UAUA, LCC, AMR, DAL, RYAAY, CAL, JBLU, NWA, LEH, GRRF, GILT, KRY, IRBT, ORCT, HOLX, FMD, DTG, LVS, MRVL, SRVY, GOOG, & JAKK.
Premarket losers: TGC, PDO, AAUK, GOLD, ACGY, TITN, ELON, ICO, RTP, BBL, LNG, ATW, ENS, HMY, GMO, KOG, STO, GDP, NXG, ZEUS, HERO, GILD, DRYS, & DELL.
At 10:AM we have reports on Construction Spending and the ISM Manufacturing Index. These two reports, along with the price of oil, will be closely watched. Traders will no doubt be playing for a breakout as we see another move above S&P 1300 again.
Let's make it a great week!
