At 7:22 a.m. futures are significantly down. We haven't seen futures fall to this degree in quite some time. We are talking DOW futures down between 140 and 150 points. That is volatile.
Oil is also down over $2 per barrel. The dollar is mixed.
It would be an easy bet that the markets will open down today. It would take a miracle for something different to occur.
CITI and IBM will be presenting first quarter results. However the big story is last Friday's story. It is the SEC pointing fraud charges at Goldman. Goldman sold bad mortgage debt as a good security and then bet that that same mortgage debt would fail. Goldman essentially made money on both transactions while the world's banking system melted down.
CNN: Stocks set for early drop
...as investors remained rattled about fraud charges brought against Goldman Sachs and awaited the next wave of corporate results.Reuters: Futures down on Goldman worries, Citi results eyed
The index of leading economic indicators, a predictor of the economy's future performance, is on tap.
The price of oil dropped $2.01 to $81.23 a barrel.
Bank stocks are expected to be in focus...
Treasury Secretary Timothy Geithner on Sunday expressed confidence that lawmakers will bridge partisan differences on the overhaul of financial regulations and pass a bill that protects taxpayers from financing future bailouts.
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