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Equity futures see red

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Equity futures are fractionally in the red this morning with S&P futures off 1 point, NASDAQ futures are lower by 6 and Dow futures are down 10. Fair value for the S&P 500 is $3.42. That price will not change during the trading session. Computers are set for program buying at $4.96 and set for program selling at $1.88.

Bond YIELDs lower this morning

After a big round of selling on Friday that took bond YIELDs higher and saw the 30-year YIELD (TYX.X) reach levels not seen since November of 2000, we are seeing some buyers in bonds this morning. With the Fed OMC meeting tomorrow, it seems to be the position of many that the Fed will cut interest rates tomorrow.

Business Inventories fell in March

Inventories at many U.S. factories, merchant wholesalers and retailers fell 0.3% in March. The decline follows a 0.4% fall in February. March's 0.3% decline was slightly higher than economists expected decline of 0.2%, however inventories compares to those found in the same month a year ago are up 3.8%.

Kerr-McGee to buy H.S. Resources

Last week one of the stocks we mentioned on the 1-900 number for OptionInvestor.com, H.S. Resources (NYSE:HSE) confirmed it was being bought by Kerr-McGee Corp. (KGM) in a $1.7 billion deal. Terms of the deal set a 24% premium for HSE, which finished Friday's trading session at $53.28. Shares of KMG finished Friday's trading session at $70.57. This may have other natural gas stocks active again today.

Jeff Bailey
Senior Market Technician

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