Futures are pointing to a lower open this morning as Wall Street tries to balance concern about fallout from Dubai’s debt crisis against good Black Friday news. Dubai’s market, which was opened today for the first time since the news announcement, fell nearly 6%.
Futures were higher as we headed to press last night. The Dow futures were up over 50 points but are now up only 18 after being lower by 10 earlier this morning.
There is worry that a $60 billion Dubai debt default could touch off a new round of credit market worries, which plagued stocks last year as Lehman Brothers collapsed and banks stopped lending to each other. Wall Street will be watching these developments and we are sure there are other fallouts to come from this.
One thing that could help the market today is the holiday shopping season. Preliminary figures show sales rose 0.5% on Friday, and online sales jumped 11% Thursday and Friday.
Gold is down $4 to 1,170 an ounce.
The market is showing mixed signals but we still like a couple of trades for today. Both are covered in the Members Area this morning…