Pre Market - August 29th 2007

Not much has changed overnight so the advance in the futures may be an advance which could be quickly sold down today. We can't say with certainty if this is short covering only (which I suspect) or some bargain hunters who want to try some risky trading on a possible bounce. The Asian markets dropped overnight as expected following our market sell off yesterday.

One note of interest is that in Germany their equivalent to our consumer confidence figures dropped substantially. Declining consumer confidence is not just an American issue.

I don't anticipate any swing trades today. Risk is higher than the reward still. A bounce this morning could be turned around later by those still bailing out of the stock market.