WED. SEP. 3 THOUGHTS

Something not really being discussed at this time which stands to dramatically impact the oil market would be the ascendance of Sarah Palin to the Vice Presidency. There are several major roadblocks to this happening of course with McCain given only a 38% chance to win the election on Intrade at this time much less a tough Congress. However, Palin is very much in favor of opening up the reserves in Alaska for drilling. Thus, this will be in the back of the minds of oil traders for the next two weeks and will likely be mentioned frequently in the media- particularly if the polls show the race tightening a bit. This is one more wrinkle that day traders should pay attention to as it could play a part in impacting the oil market which will in part impact equities.

Overnight, markets throughout the world were generally lower as Asia extended its declines and Europe played catch-up to the U.S. Oil was down again as well. Markets in the U.S. will likely open down again; look for a tighter and even choppier trading than yesterday.

Reiterating-If the whole story is not there -
If something is good, assume either a short thru unchanged or an A-B-A2 based on direction of the market unless specifiedIf something is bad, assume either a buy thru unchanged or an A-B-A2 based on direction of the market unless specified

Good-

MDVN- receiving payment from Pfizer in collaboration with MDVN’s Phase III trial for its drug. Should be very much higher.

ABK- announced the state of Wisconsin will allow company to operate again

ALXA- positive phase III results

X- upgraded

Airlines- strong at least initially on weak oil

NCS- good earnings

SNDA- good earnings

CLNE- on “Mad Money” last night

Bad-

LEH- owns a 28% stake in a hedge fund that is going belly-up. Stock trading lower pre-open; if it gets positive, will likely be trade of day – pre-open only

JOYG- bad earnings

WFR- warned on earnings

CAG- warned on outlook

FRX- abominable drug warning

DCI- poor earnings

WED SEP 3 BEF

ISLE -.04/294M -.13/288M -.32/1.16B .08/1.17B

JOYG .88/884M 1.10/989M 3.29/3.36B 4.47/4.00B

SNDA .51/115M .52/122M 2.10/476M 2.46/565M

SPLS .21/4.69B .43/6.61B 1.45/23.33B 1.72/27.45B

UNFI .30/865M .31/879M 1.13/3.32B 1.37/3.69B

WED SEP 3 AFT

CASY .52/1.55B .46/1.54B 1.48/5.92B 1.57/6.57B

GES .49/461M .66/528M 2.49/2.09B 2.95/2.43B

HOV -1.56/713M -1.37/817M -9.56/3.37B -2.27/2.50B

HRB -.35/378M -.39/423M 1.66/4.59B 1.91/4.90B

MR .24/141M .26/156M 1.06/571M 1.58/842M

NCS 1.21/478M 1.20/495M 3.52/1.75B 3.42/1.80B

PSS .31/889M .43/864M 1.24/3.47B 1.54/3.58B
SAI .26/2.45B .29/2.56B 1.06/9.88B 1.20/10.61B

Good luck today.

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