PRE MARKETS

SPX futures are trading down about 4.5 points as I type on the heels of lower markets overseas. My guess is most traders/investors would welcome a sell off so they could add to positions at a better cost basis. I still stand by my forecast for a new all time high on the SPX before too long.

In the news, Carl Icahn has apparently lost his duel with Ed Zander to gain a board seat at MOT. Zander has been a wealth destroyer at MOT while Icahn has been a wealth builder his whole career; any question of the "save my job" mode by Zander? By the way, the EPS for MOT in 2004-.78 cents; 2005 $1.14; 2006 $1.13 and a 2007 estimate by Value Line of a whole 50 cents. And for those keeping score Ed started at MOT in March of 2004.

And the New York Times is reporting that the editors at the WSJ withheld the DJ takeover news and some folks may have traded on the "news".

Gapping higher - AKS LIOX AQNT ISPH ECGI MDR WCG ZVUE AFSI AOB SONS RACK STEM WYNN and COMS.

Gapping lower - CUTR MSTR HLYS FTEK IDMI LAZ AAUK CVS PGS DYN SLW CRH DNDN and SHPGY.

I will be out for most of the morning this blog is pretty helpful with updates and stats.