Early View of Monday's Markets

Futures have moved higher since early morning as oil has pulled back. S&P futures are up slightly afater being down earlier, Nasdaq futures are up 4.50 and Dow futures are up 4 points. The economic calendar is quiet today, but later in the week brings varied economic data. Tuesday we'll get a look at Consumer Prices, Industrial Production, Housing Starts and Building Permits and on Thursday comes the Weekly Jobless Claims and Leading Indicators.

On the earnings front, a number of retailers still report this week. Today, expect results from Lowe's (LOW Quote), Service Corp (SRV Quote) and Sysco (SYY Quote). After the close results come from Jo-Ann Stores (JAS Quote).

Oil is lower this morning after setting new record highs overnight. The turn came as news from Venezuela seems to suggest that Hugo Chavez is victorious in the recall referendum. While opposition camps are calling the results fraudulent, it is unlikely that the results will change. However, violence was only sporadic and there appears to be no disruption to the energy infrastructure. We'll need to wait for several days to make sure, but it looks like there is a chance there will be little impact on Venezuelan crude production. (Note - I'm not opining at all on the "validity" of the election, simply on the impact of the election on immediate production.)