Futures Drop - Reason

Bloomberg Reports:
Futures on the S&P 500 expiring in September decreased 1 percent to 931 at 8:44 a.m. New York time, after the benchmark index climbed 40 percent from a 12-year low March 9. Dow Jones Industrial Average futures lost 1.1 percent to 8,643 and Nasdaq- 100 Index futures fell 0.8 percent to 1,473.5. Stocks also retreated in Europe and Asia.

“There is general concern that the three-month rally in equities means that stock prices have got ahead of reality,” said David Morrison, a London-based market strategist at GFT. “Oil and metals are sharply lower this morning and there is a growing realization that China is not yet ready to drag the global economy out of recession.”

Marketwatch Reports

In G8 meeting over the weekend - Finance Minister Alexei Kudrin reportedly said Russia has confidence in the U.S. currency. Upbeat dollar comments deflated commodity prices, hitting markets across Europe and Asia. Crude-oil futures fell 70 cents a barrel and silver and platinum futures fell.

The Empire state index fell to negative 9.4 in June from negative 4.6 in May, indicating the downturn broadened to more firms. Readings under zero indicate more firms said business was worsening than said it was improving.

CNN Money Reports

U.S. stocks were set to fall sharply Monday as a stronger dollar took momentum out of the commodities rally.

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NYC new Congestion Pricing or Fees or Tax depending on which side of the fence you are on <<< Global Warming

Read on PhysOrg.com The most controversial idea in the plan ( NYC Plan 2030 ), from the mayor's Office of Long-term Planning and Sustainability , is a proposal to charge motorists for driving into Manhattan below 86th Street on weekdays from 6 a.m. to 6 p.m. Trucks would be charged $21 a day and cars would be charged $8, on top of the city's already expensive parking. It is similar to a system that London (Congestion Charge) has used since 2003, and officials there say it has significantly reduced congestion. The scheme applauded by environmentalists and alternative transportation groups , but is politically tricky for New York City because it would have to be enacted by the state Legislature , and many lawmakers from outer boroughs and the suburbs may not support it. Read Full speech hear -- Click here

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Refrigerator engery saving strategy - New York Times

Q. Do refrigerators use more energy when filled with food? A. Not once the food gets cold. Government and commercial experts agree that the cooling section should be kept full, with enough room for some cool air to circulate for even cooling, and that the freezer compartment should be tightly packed, so the frozen foods can keep one another cold. If there is not enough food to fill the freezer, many suggest putting in more ice trays or some containers of water. Frozen food in a fully packed freezer will survive a power failure for quite a while if the door is kept shut. Some extra water containers in the cooling section will also minimize the amount of inrushing warm air that has to be cooled when the door opens and shuts. There are other ways to keep your refrigerator’s condenser from working overtime. It is permissible to let hot food cool somewhat before refrigerating it, as long as the cooling period is not long enough to permit bacterial growth. Never use warm or hot water t...

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