Premarket 8/1/05

Good morning.

Hope everybody had a good weekend. It's always hard to get started on a Monday morning but starting off on this first day of August in a summer market environment takes particular effort. This is the type of environment that sometimes makes traders force trades. Being patient and waiting for attractive setups to come your way is not always an easy thing, however forcing trades in this environment will keep most traders busy yet put the commissions into the hands of Wall Streets trading desks.

Overseas markets were slightly up. There was no economic news this morning. Important key tells are missing in action as well. Other than positive earnings at PG which has little correlation with the NASDAQ and maybe an upgrade on EBAY, there isn't much that is moving the markets this morning.

The death of King Fahd, supply disruptions from BP, and more geopolitical noise over nuclear weapons in Iran are putting a bid into Oil. The stock markets should start paying more attention as oil breaches the $62 mark. We will be watching WFMI and IM for follow through strength from Friday. Our intention is to make small sales of our long positions in those stocks should strength materialize throughout the day.

It's time to saddle up.

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