Good morning. It is 52 degrees and sunny here in Upstate NY. I was wearing the old Land's End jacket and jeans this morning for the walk, it was chilly. Summer will make another hot return at some point, it always happens that way. I understand there is some kind of convention going on and I am not paying attention to it in the least. The only thought that occurs to me is that outside of Washington DC this thing represents the biggest convocation of nonsense, destructive activity, and power out there. Think about it, out of the GOTP convention someone will emerge who eliminates all entitlement spending, destroys SSI and Medicare and in so doing will blatantly lie to the American people about the reasons why, someone will emerge from this mash-up that will increase military spending as if it were actually necessary, start a war with Iran, and drive the country into the deepest Depression ever. Oh yea, it's a real love fest. I'd rather watch grass grow.
At 8:10 a.m. futures are slightly lower, the dollar is down against major world currencies, and the price of oil is down per barrel. The market is poised to open lower.
Investors are still on vacation so trading activity is lower. The most salient news still involves Bernanke and Co's Friday meeting wrap up and how the decision to boost the old "failing" economy will occur. Otherwise at 8:30 a.m. we will see numbers on first time weekly layoffs and that always seems to prime the indexes a bit. If I'm guessing I'm thinking the number is 370,000 give or take 5,000.
CNN:
Stocks head for a weak open
...investors are more confident that the European Central Bank will stage a major intervention in the bond market.
...India is due to release its second-quarter GDP data...
...Bureau of Economic Analysis will release data on personal income and spending for July.
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