WE'VE GOT A DEAL

@ 7:30 am

SPX futures up 1%.  SPY up 130.95 from 129.33

Financials looking up 1.5-2%.  XLF pre mkt 15.02 vs 14.80 close.  15.08 is resistance but looking for it to break and gap up to 15.25 today. FAS which I held over the weekend looking nice.  Looking to lighten up on longs @ XLF 15.25 or SPY 132.

Gold down 0.5% on the deal.  GLD reversing gains Fri and gaping down to Thurs close.  157.90 resistance and 156.80 support.  USD marginally lower (vs. Euro) @ 1.443. Looking for dollar to catch a bid and gold to sell off.  Will build DZZ on GLD bounce to 157.90.  Holding my EUO for now.  Will revisit and may sell at a loss if FXE breaks 143.65 to the upside.

Econ. data @ 10 am: ISM Manufacturing Index for July. The consensus is for a decrease to 54.3 from 55.3 in June. Construction Spending for June. The consensus is for no change in construction spending.