Good morning, on this the 344th day of 2004.
Pre-open stock index futures are substantially lower than yesterday’s close, setting up the potential for a gap down open that will likely setup a retest of yesterday’s low. This does not imply the retest will fail, but given the market internals as of late, that is at least a higher than 50% probability.
Among the concerns on trader’s minds are rising import costs1, rising jobless claims2, warnings from two chip makers, and nervousness ahead of tomorrow’s OPEC meeting3. Also on the energy front, the US Energy Information Administration is to release a long term outlook statement this morning in Washington at 9:30.
US Market Calendar
- 7:00 am: Bank of England Announcement
- 8:30 am: Import and Export Prices
- 8:30 am: Jobless Claims
- 9:30 am: Energy Information Administration releases long-term energy outlook
- 10:00 am: Wholesale Trade
Canadian Market Calendar
- 8:30 am: New Housing Price Index – October
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
1 Import Prices Up, Non-Petrol Prices Surge
2 Jobless Claims Rise Unexpectedly
3 OPEC Warns Oil Supply Cuts Needed for ‘05
04.12.09 09:10 #