Economic Reports for week of May 5, 2008

ISM Non-Manufacturing Index | Reported 52.0 | Est 49.5 | Prior 49.6 | MODEST

Crude Inventories | Reported [WED 5.7] | Prior 3,848,000 | MODEST

Initial Jobless Claims | Reported [THU 5.8] | Est 370,000 | Prior 380,000 | MODEST

Balance of Trade | Reported [FRI 5.9] | Est -$61,300,000,000 | Prior -$62,300,000,000 | MODEST

This is a light week for economic reports.  Mortgage backed securities will basically react to the Stock market and levels of support and resistance created by moving averages.