Ebbers heads to Jail

This day is going to be a strange day and the rest of the week will likely be volatile. This morning the S&P and Nasdaq futures were up slightly but the Dow futures are down slightly. Lennar, a large home builder, said its revenues would be short of forecasts. This adds to the worries that home prices will continue to decline.

Today sees the release of consumer confidence at 10:00am so look for some kind of move in that market just after 10:00am. Most economists see a stronger confidence number from August so look for that to come in over 100.

Oil seems to be consolidating in the $60 - $62 range. I think oil will consolidate at this level for the rest of the week before heading lower to the high $40’s or low $50’s.

It looks as if the link I included on one of my posts last week was timely as Bernie Ebbers is starting his 25 year prison term today. Looks like he’s gonna take the fall, as he should. There are folks at CITI Group that should be doing hard time as well but they had connections. It just goes to show you that Wall Street lives by a different set of rules that the rest of us.