More Weak Data Ahead Of Holiday

Good morning. Following weakness in overseas markets and a flood of economic data, premarket futures are suggesting a lower open.

The key headlines this morning include a much weaker than expected durable goods, jobless claims fell 14K to 529K last week, and consumer spending dropped 1%. Mortgage rates have also fallen quite a lot with applications up 1.5% in latest week.

In overseas markets, a much larger than expected interest rate cut from China and news that the EU has proposed a large stimulus plan of its own are in focus.

Premarket gainers: FNM, FRE, TMA, HOC, SSCC, YZC, RMBS, CHL, STBA, HOV, NG, SLW, PSUN, MRVL, & SNP.

Premarket losers: BGP, BCE, LFG, RTP, TIF, CWTR, EXM, JCG, VRGY, ING, TNB, YGE, JASO, UAUA, MICC, AAUK, DE, NRF, ICLR, CSUN, UBS, ETFC, LYG, & SOL.

The 10:AM hour will be a busy on with the data on new home sales, consumer sentiment, and the weekly petroleum status report. In addition, Obama is scheduled to speak at another news conference today at 10:45AM. We'll see if the Obama indicator continues to work like we've seen over the past week.

As many of you know, we're entering a positive seasonal period for the market around Thanksgiving even though we all know this year has been anything but normal. The market has dug itself quite a large hole to climb out of in the final two trading days of November and anything other than choppy action between S&P 820 & 880 over the next few days would be a pleasant surprise. Go make it a great day!