Futures dipping about .05% across the indices ahead of the ADP Report due out at 8:30p. In addition we also have Factory Orders and ISM Services at 10a, then crude inventories at 10:30a. Anotherwards, tons of data that can move this market.
As for NEPH, my sources tell me that FDA has had some staff delays, so the ruling could be anytime from today to 6/15. BDSI ruling should be by 6/14.
I will continue to monitor to the markets and may add some short exposure. I will post before I discuss if I do, so no need to rush. As for finanicals, Doug Kass was on CNBC saying he has been buying Bank of America and Suntrust, which I agree with. BofA is a difficult bank to value but GS has a $15 price target, where MS has a $32 price target. The only fear of BofA is if they convert the preferred to common, which will dilute and reduce the share prices to that similar of Citi. However, BofA has monster earning power with Countrywide, Merrill Lynch, and Bank of America - all in 1.
I will be back later, take it easy.
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