Interesting that futures are declining on the same day that Mark Hulbert predicts Dow 13,600.
Personally, I think the Dow *and* gold are overbought right now. I'll probably do some further lightening of my various holdings. (Gold has now crossed the $1,850 mark I'd identified.)
Sept. 2, 2011, 7:20 a.m. EDT
U.S. stock futures fall; jobs data, banks in focus
Federal agency will reportedly sue big banks over mortgages
By Polya Lesova, MarketWatch
LONDON (MarketWatch) — Wall Street was set for opening losses Friday as jitters ahead of jobs data, combined with a newspaper report saying a federal agency is ready to sue banks over mortgages, spooked investors.
Futures on the Dow Jones Industrial Average dropped 77 points to 11,388 and those of the Standard & Poor’s 500 stock index fell 9.40 points to 1,191.90.
Nasdaq 100 futures declined 17.50 points to 2,199.75.
The blue-chip Dow index slumped 1% Thursday, snapping a four-session winning streak.
Friday’s spotlight will fall on jobs data due for release at 8:30 a.m. Eastern time. Economists polled by MarketWatch expect that 53,000 jobs were created in August. The jobless rate is expected to remain at 9.1%.
Ahead of the data, however, a newspaper report heightened market jitters. The New York Times reported that the Federal Housing Finance Agency plans to sue big banks, including Bank of America Corp., J.P. Morgan Chase & Co., Goldman Sachs Group Inc. and Deutsche Bank AG.
The agency will seek billions in compensation, arguing that the banks misrepresented the quality of mortgage securities they put together and sold in the run-up to the financial crisis, according to the report. The lawsuits will reportedly be filed in the coming days. U.S. banks facing big lawsuits
“If these lawsuits are filed, it will place another huge cloud over the bank sector, particularly in the U.S., and put more pressure on the litigation reserves that have been put in place,” wrote analysts at Mediobanca in a note.
Full article: http://www.marketwatch.com/story/us-stock-futures-fall-jobs-data-banks-in-focus-2011-09-02?dist=beforebell
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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