The First Trading Day Of August

Good morning. Premarket futures are pointing to a strong open on the first trading day of August.

Top headlines include comments from Geithner and Greenspan over the weekend, a surprise profit at Europe's biggest bank, continued expansion in China's manufacturing, a rise in global semiconductor sales, five more banks were shut down, White House officials signal that they will push to extend unemployment benefits, UBS has reached a settlement over its tax evasion dispute with the U.S. and Nissan's introduces its first electric car.

Premarket gainers: TSPT, BCS, HBC, RBS, ONTY, VICL, WATG, EZCH, ROVI, AGEN, AXL, EXEL, OSK, YRCW, ATPG, ALVR, NVAX, CENX, RCL, PRGO, EBAY, SYNA, ACH, BUCY, SPPI, FEED, F, MT, JAZZ, ELRN, FITB, MTXX, EGLE, GOLD, DRYS, DB, AIG, DPTR, ATPG & MMM.

Premarket losers: HURN, SVNT, GTIV, AMCC, SAIA, DSCM, FARO, AMED, SONO, FAZ, FXP, DTO, ERY, EEV, GMCR, JRCC & AFFX.

At 10:AM we have the ISM Manufacturing Index and Construction Spending reports. Also monthly motor vehicle sales numbers will be reported throughout the day. Also expect the financial media to focus on GM's two-day board meeting as well as a Senate vote on the cash for clunkers program.

Much like last week, traders will be focused on taking out S&P 1000 and holding it through Friday's jobs report. Thursday and Friday's session produced two spinning tops (which represent indecision) but today's premarket futures indicate that will be resolved on the upside at the open. By now, we're all aware of relative outperformance of the first trading day of the month. Beyond today, it may still be of some interest to look at how the market typically performs in August even though this market has been ignoring historical seasonal trends for some time.

Let's make it a great month!