It's time for us to be back financial market to check for the news to plan for our trading week. Let's go through to see what Pitguru Frank LaMantia noted for us!


The S&P is close to its April lows giving some the notion that the economy could be slowing down. The next support levels are 1294 and below that 1249 as potentially lower demand for stocks becomes apparent. Steve Jobs from Apple will be present at the company’s meeting in San Francisco today - he has been on medical leave for a few months. JP Morgan cut Lowes from overweight to neutral because of low home prices and low job growth. Goldman Sachs may release papers that would counter the Senate committee report. The report said that Goldman misled clients about mortgage backed securities.

There is still fear of sovereign debt issues in Europe and some feel that the worst is still to come. Large tax increases may have to be implemented as a last ditch effort to save some countries. This makes it seem like there may not be enough money to go around. Analysts believe that Europe could be starting their financial crisis and that this could spread, directly affecting the United States. The sentiment seems to be that the dollar could rise while commodities slide. Whether this will happen is a guess but traders try and never do that. The USD Index is up 0.04 to 73.82 while the euro is down -0.0008 to 1.462. A bearish feel is still in the air and this may contribute to short-selling over the next few days.

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