Fannie Mae Again

Good morning. Premarket futures have been volatile as investors weigh more disappointing news from Fannie Mae on one hand and on the other weakness in commodities and strength in the U.S. dollar.

Economic data this morning was focused on second quarter nonfarm productivity which rose a slightly smaller-than-expected 2.2% as unit labor costs increased 1.3%. The market continues to look for any sign that the Fed is correct in its expectation that inflation will moderate later this year.

Premarket gainers: POWR, BECN, UAUA, FSYS, ROCK, UFS, ILE, ARMH, ASTI, PEIX, MBI, SAPE, FRP, RDN, Q, MIDD, DTSI, & CAL.

Premarket losers: FNM, FRE, ANAD, CCOI, PRX, ABAT, KNOT, EMKR, NCTY, LAVA, HANS, HMY, GOLD, HRL, CROX, ASML, DECK, & PGNX.

The S&P is on track for its first back-to-back weekly gain since May even though the bears keep trying their best to bring this market down. Remember, the bulls must keep pushing higher now without much give back to create the level of performance anxiety necessary for a sustained market advance.

Go make it a great day!