Pre Market - August 8th 2007

Futures are up at this moment. They have been jumping around and I'm closely watching the S&P 500 number. Today keep a watch on S&P 500 1480 to 1490 levels. If the market can manage to close above 1490 there will be some added boost to the markets going forward.

Beware however that there are still a lot of profit takers out there waiting to cash in on advances. The financial sectors I see will have the largest profit taking on any advances.

Volume is important here. So far volume on advances has not been good enough to sustain an upward drive. We need to see huge volume on advances with a strong close. Yesterday the close was weak and signaled a "no confidence" vote of the market. If that continues then we are no where near being out of the woods.