Pre Market - July 11th 2007

Looks as if we are going to start of the open heading down. At least that is what the futures are saying at the moment. Asian stocks took a pretty big hit with the Nikkei down 1.1% and the Hang Seng down 1.2%.

The yield on the 10 year has come back to near 5.0%. This should give a little boost to the market today. Emphasize the word little.

Apple (AAPL) is starting to sound like a pink sheet stock as far as all the speculation that is taking place. Recently it was reported that a patent application was filed for technology that would suggest that Apple is going to release an iPhone Nano. This morning JPMorgan reports that they feel that the reports of an iPhone Nano being released this year may be premature. They also comment that Apple often files patent applications for products that give little indication of actual upcoming products. Right now Apple is being traded more on hype and greed than of any actual company statements.

Futures starting to move back toward the green side now.

Metals sector should have some strength today on sympathy with the buy out of Chaparral Steel (CHAP). The financial sector will likely be the most volatile today.