Monday, May 05, 2008

May 5 outlook




This morning we got ISM # and the Fed is Holding a TAF Auction at 10am EST. I feel bearish this morning. ES looks like it is going open with a gap down around 6-8pts. Apparently Japanese markets were closed for Greenery Day observation, so today could be a light volume day.

I'm going to be watching for weakness in Financial and Mortgage Investment sectors, Particularly FRE, FNM, LEH & C.

update: CFC and BAC look interesting.

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