A Slow Start To Earnings Season

Good morning. Although earnings season has officially begun, it is a quiet morning.

Premarket futures are pointing to a weak open following poor reports from Alcoa (AA), Advanced Micro Devices (AMD), and Novellus Systems (NVLS). According to Bloomberg, earnings at S&P 500 companies probably fell an average of -11.3% from a year earlier in the first quarter. We also have a prediction from Greenspan that the decline in home prices will end well before next year.

Premarket gainers: AGEN, RGEN, NTRI, FNM, FRE, NUAN, PSUN, ISIS, CHINA, TIN, FMX, VRSN, and CHTT.

Premarket losers: GRMN, SCUR, AA, GRO, AMD, FMD, NVLS, JRJC, SIRF, ASML, REXX, LOGI, MWE, LDK, SOLF, GOLD, ACI, and BWTR.

On the economic calendar we have pending home sales at 10:AM which is expected to show a -1% decline and the FOMC minutes at 2:PM. The latter will be far more important to the markets as traders try to get a better sense of the Fed's concern over inflation and growth and the future plans for more rate cuts at the end of April.

Try to enjoy (and take advantage) of this quiet period before the earnings storm that will really begin next week. Have a terrific Tuesday!