Futures Point to Sharp Declines

It is sometimes said that the underlying market sentiment is best evidenced on days when there is little news. If so, the early signals today are not good.Futures point to a sharply lower open. European stock indices are lower, and the dollar is down. But thats it for the news. There are no economic releases, no earnings reports, and there will be very little corporate news on this partial holiday. Yet, the S&P futures suggest a down open of about 6 points. Sentiment has clearly been good lately. The market has shown good resilience. If the market does indeed open lower and is unable to come back, it would suggest there is some nervousness about the outlook for the holiday shopping season (that will now obsess the market), or simply concern that the market is due for some sort of a correction. It may prove an interesting day.