Busy Day

Good morning. The market will face information overload with a number of economic data points, earnings, and speeches.

So far, reaction to this morning's data is profoundly negative with premarket futures pointing to another negative open. Among other things, a higher than expected PPI, weak retail sales, another big drop in the U.S. dollar, and a gain in oil prices have pressured premarket sentiment.

Premarket gainers: CWTR, ESLR, SANM, BEXP, IKN, FHN, ETFC, PKD, SANM, BBX, SAF, AMED, AUY, JNJ, STT, WM, RMBS, & EXR.

Premarket losers: FNM, FRE, WB, NCC, CNB, FTEK, XING, KMB, AIG, CSIQ, BID, JASO, AXA, ING, LMC, C, IBN, ETN, HYGS, AIB, & UIS.

No doubt, Ben Bernanke will be on the hot seat and we'll see if he can calm down the market.

I don't have to tell you that a lot is going wrong at the moment and investors are preparing themselves for worst case scenarios now (i.e. total collapse of the banking and financial systems). Such behavior is creating opportunities out there, but few investors are willing to step up amid these headlines and interesting times we now find ourselves in. Technically, we are scraping against the bottom of the long-term trend channel in the S&P 500 but we need something to go right for a change for this constant sell pressure to end:

Have a terrific Tuesday! I'll be back when I can.