Morning News

• Futures are up pointing to a much higher open today.

• August Existing Home Sales due out this morning.

• Hurricane Rita seems to have caused less damage to the oil refineries than expected. Some flooding has taken place , but the biggest problem seems to be power. Offshore reports are telling a slightly different story with some damage occuring on a few of the platforms. It is still to early for the damage reports on the underground pipelines.

• Lundberg Survey shows over the past two weeks the national average price of unleaded gasoline dropped 20 cents to $2.80 per gallon.

• Boeing (BA) has reached a tentative agreement with it's machinists. If the union votes in favor of the contact this would end a 3 week strike which has shut down airplane production.

• Microsoft (MSFT) to unveil online advertising system today.

• Crude Oil currently $63.93 per barrel.

• Wholesale Gasoline is currently $2.00 per gallon.

• Gold is down a bit currently $464.40 per ounce.

Budd Foxx