UPS & Dow Chemical

Good morning. The market remains under pressure as higher oil prices and ongoing concerns about the U.S. economy linger.

Not helping matters this morning include profit warning by UPS who blamed rising fuel costs and a slow economy and news that Dow Chemical is going to increase prices by as much as +25% next month.

Premarket gainers: MRY, KRY, ROYL, ASML, SFSF, ZRAN, CVG, ABAT, KR, UBS, MHO, MXC, NVS, EAC, SGMO, SFSF, EFUT, GRVY, APPY, CSX, & ADBE.

Premarket losers: UPS, DAI, CTB, CSE, FSYS, BX, SOLF, EPCT, VE, AXYS, FDX, GU, HNP, CSUN, BHP, UAUA, CPSL, PMFG, ACH, & CIEN.

In a few minutes we have some data on housing and another report on consumer confidence will be out at 10:AM.

The Fed starts its two-day meeting today and fed funds futures indicate that 90% think there will be no change in interest rates while 10% now expect an increase. Many now expect the Fed to issue a strong statement regarding inflation tomorrow.

All in all, not a whole lot to work with this morning (what else is new?) even though oversold conditions & end of the quarter portfolio dressing still remain in play. Have a good day!