Cyber Monday

Good morning. Premarket futures are suggesting a weak start of the new week and month.

Other than the acquisition of Mentor by Johnson & Johnson, the news wires are relatively quiet. Of course, focus remains on holiday shopping as preliminary reports that indicate a better than expected start but the concern is that it is only due to deeply discounted merchandise. We'll receive more reports this week to confirm or deny that concern.

Premarket gainers: MNT, QI, GGP, CTIC, ROH, F, S, YHOO, SIRI, LEA, USG, RBA, & ANLY.

Premarket losers: AAUK, NBR, ACGY, UBS, FRE, C, MER, JPM, GS, FNM, XOM, GFA, FLS, ESV, OSTK, WPPGY, DRYS, CSUN, ERIC, EFSC, BIDU, CSIQ, JASO, BCS, MT, & HL.

The day's two economic reports - ISM Manufacturing Index and Construction Spending - are both due out at 10:AM and bad news is expected from both. The price of oil will also be monitored closely this week after OPEC decided to take no action during its meeting over the weekend.

December is traditionally a good month to be long the market and that's especially true in the final couple of weeks. Unfortunately, after the last five trading days, we're now in overbought territory. Though not by as much as we saw back on election day (before the nasty reversal), it's fairly close enough to warrant some caution in establishing new positions on the long side until we see a sizable pullback perhaps back to the S&P 850 area. Remember also that we have another jobs report scheduled for this coming Friday.

Let's make it a great week!