OPENING TALK

Futures on the major market indexes are flat with fair value as I type but lots of data coming in this morning including GDP (spot on at 2.2), Chicago PMI,new home sales, an oil inventory report at 10:30 and a talk by Big Ben in front of Congress. Make no mistake, it will be a volatile day.

Anyone watching the futures on the DJIA yesterday knew something was amiss when the YM DJIA Futures were down 450 while the DJIA cash was down 250. So cramer et al can yelp about an unfair system but anyone watching the screens and the futures knew something out of the ordinary was coming.

Lots of folks expecting the "higher open" (maybe) to be sold as the risk managers tell the traders to take some off and wait for some stabilization before commiting more capital to equities. So I will probably sit on my hands waiting until I think its appropriate to deploy more capital.

Anyone curious to what I bought yesterday, FCE.A ITA EWA and a little IAI.