Before the Open (Sep 10)

Good morning. Happy Friday.
The Asian/Pacific markets closed mostly up – there were a few 1% winners. Europe is currently mostly down – losses are small. Futures here in the States point towards a small gap up open for the cash market.
It’s been a decent week. Despite the low volume and relatively tight range, we’ve gotten some good follow through on many of our plays and no great damage was done. But here’s one thing that’s a slight concern.
The small caps have been leading the market up and down. In early August the Russell topped out made a lower high while the S&P made a higher high…the market dropped. Then in late August, the Russell started gaining strength before the rest of the market…the market then rallied. Now the Russell has started to lag again. The S&P made a new swing high yesterday, but the Russell did not.

The banks did great yesterday; the semis did not. They both need to move up if the rally off last week’s low is to continue. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers