Pre Market - September 5th 2007

The US futures are down across the board. Hesitation is the key word this morning as some are taking profits on yesterdays run up to resistance. Additionally, the ADP report issued earlier showed an increase in unemployment and this is sending some caution back into the markets this morning.

Of note from the retail sector Costco (COST) missed their same store sales estimates. Stock is trading down about 5% in pre market. Costco is considered a bellweather stock by many for the retail sector as they are a well run company with a good mix of products. So with Costco down that has a chill running through the retail establishment today.

We will watch for what is said in the Beige Book Data when it is released this afternoon. We're looking for an opening to the downside and it remains to be seen if the weakness extends or turns around.