Iran, in a move to say "Don’t mess with us" has test fired missiles that overnight to demonstrate they have the capability to strike their enemies. This has created a slight rise in crude oil prices this morning.

Prime Minister Mr. Fillon of France says the global economic conditions remain difficult and expects the 2nd half of 2008 to "be even harder". Fannie Mae (FNM) and Freddie Mac (FRE) have been downgraded by derivatives traders on capital concerns. Full story HERE.

Pre market futures are up at this time, but it is too early to gauge the extent, if any, what follow through is on tap for today. We have to wait for the market to show us her cards today.