Negative Bias

Good morning. Premarket futures indicate a weak open this morning as rising oil prices ahead of today's inventory report put investors in a defensive mood. And, despite hope to the contrary, recent comments made by Fed officials suggest that the FOMC may not change their higher interest rate policy to combat inflationary foes in the marketplace. While that debate continues, I'm at least happy that the headlines are starting to pick up now that the Fall trading season has begun. We should start to see more trading opportunities in the days ahead as a direct result.

Following the recent disaster rally, we're now in overbought territory which will tempt more than a few to take some profits off the table. I think that is partly, if not mostly to blame for the negative bias to the trading day. Have a productive and successful day!