Pre Market - August 13th 2007

Currently US futures are up ahead of the open. A surprise Goldman Sachs conference call has been called for this morning to discuss their financial situation. What they say in this call will have an impact on the market today.

Retails sales data was released and it was slightly above expectations and this is adding to futures being to the upside this morning. I still watch same store sales data to view the longer term outlook of the economy. I'm working on some graphs which will appear over the coming days.

The energy sector is up a bit this morning with a tropical storm in the making in the Atlantic. Whenever there is news of a tropical storm or the talk of a possible hurricane the energy sectors will move. Oil is up to $72.34 currently.

The Feds will decide if it will be necessary to inject anymore cash into the markets at 9:30am. Overnight in Japan they injected cash into their markets to improve and the Asian markets ended up slightly.

The coming week will continue to be volatile. No doubt about that. Watch for upward rallies to still be taking advantage of by those wanting to take cash out. There is a lot economic data hitting the markets this week (see the current issue of the RebelTrader newsletter for the calendar of events).

While any advance it a good feeling don't get too complacent and jump in head first. I still see a bear flag on the DOW so I do still predict more declines coming.