Weak Economic Data

Good morning. A plethora of disappointing economic data (GDP, jobless claims, Monster Employment Index) have offset a number of better than expected earnings reports this morning. Premarket futures are pointing to a weak start to the last trading day of July.

Premarket gainers: CADX, IMCL, MOT, PDGI, GFIG, CCC, SOLR, ARRS, USS, OIIM, SYMC, DXPE, TTEK, FLS, SHPGY, GOLD, DRIV, TYC, AMLN, ANDE, AMCC, MUR, FSLR, TRN, SOLF, ITRI, & OCR.

Premarket losers: BARE, AKAM, HOLX, NHWK, DLX, SSYS, THQI, UN, NEWP, OII, HRS, BT, CNX, AUO, HOV, CHKE, PWR, LVS, ABK, TSS, OII, LYG, & PH.

Given the back-to-back gains in the market this week (an unusual occurrence of late), we're a little short-term overbought so a weak open will be helpful to work off that condition. The key then will be to continue the upside momentum ahead of, and especially after, tomorrow's big bad jobs report. Have a terrific Thursday!