Another Weak Open

Good morning. We have yet another morning where the preliminary indications show a weak start to the trading day. Though largely expected, disappointing same-store retail sales are providing an excuse to take profits, but we'll see if the sellers remain motivated past the first few hour(s) of trading. We do have a few other economic reports to consider including better than expected jobless claims, a larger than expected trade deficit, and a surge in import prices.

Stocks trading higher in premarket include HSOA, PEIX, MRGE, TRU, NKTR, ENTG, SPAR, JOSB, CNTY, CELL TFSM, FWLT, CBI, ONT, CRNT, TTEC, SONE, SONE, COST, NGAS, YHOO, and BRLC. Premarket losers are KNOT, WFMI, DNDN, BPHX, MESA, BEBE, PSUN, URBN, GMKT, AAUK, JSDA, DISH, and GOLD.

Only after we break the pattern we've seen so many times (i.e. a weak start and strong close) will traders think we're even close to a character change for the market. This is also the definition of a complacent market, one that can be rattled pretty easily if anything were to show up on the horizon that traders did not expect. This morning's disappointing retail news doesn't qualify.