PRE MARKETS

Pre market futures have turned positive on the heels of a better than expected -3.8% GDP number v an expected -5.5% GDP.

Gold moving on up again this morning as it now trades over $920 and how long before it is back at the $1k level?

Dick Arms with some observations on the equity markets and not sure I agree:

"One has to be impressed by the way the market held yesterday. Pummeled again by a myriad of negatives, the pullback only erased the gain of the prior day. This is far different from what we would have seen a couple of months ago, and it suggests we are in a different market now. It still is having a great deal of difficulty in putting together any sort of lasting advance, but it is far less vulnerable on the downside.

Another positive is the way in which volume is coming in. It has been heavier on up days than on down days, suggesting some accumulation is going on, albeit quietly. There is no big rush to buy, but neither is there an indiscriminate dumping. The current series of days continues to give us the appearance of the right shoulder of an inverse head-and-shoulders. That implies we are soon going to be moving higher."

I think there is still lots of resistance overhead starting with Wednesday's highs which will be a major sell area should we get back to those levels any time soon.

BIG telling us energy good financials - not so good;