Premarket 8-4-05

Good Morning.

Overseas markets were mostly down. US futures have been heavy all morning. Retail chain store sales were also discouraging overall and should put pressure on that sector today. A few days ago this type of bad news in the retail sector may have been overlooked. Our belief is this will no longer be the case due to a change in market sentiment developing that we have been correctly forecasting.

Tomorrow is the all important non-farm payroll report. We would not expect traders to get too aggressive in either direction ahead of that report. The dip buyers are still around but the bears are starting to pop their heads out of the sand...wait isn't that an ostritch?...Nevermind.

We would expect a choppy day with an overall slow drift down. We do not expect to make any long side purchases until we see more fear.

-Good Trading-

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