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The market has been under pressure in the first hour of trading. Poor results from ADI and CREE are weighing on the semi stocks, and the tech sector in general.

Oil is slightly lower again, and most of the energy stocks are lower, although the Canadian energy trusts are mostly higher. Bond yields are trending higher, around 4.96%.

Retail sales came in above expectations, and many retail stocks are bouncing again. The debate about a consumer-led recession rages on, but I doubt it will get that bad. These stocks are already reflecting a significant slowdown in consumer spending, and I think there are some bargains worth pouncing on soon.

I expect volume to be fairly light again today, as they tend to be on Fridays in August. I wish I were heading out early for the Hamptons today, but with a new baby at home, well you can pretty much envision my weekend.
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