Trade Like Warren Buffett

Good morning. We're set for a positive start to the trading day after Warren Buffett's Berkshire Hathaway will invest up to $10 billion in Goldman Sachs. Indeed, much of the focus this morning is on the expectation that vulture investors are making plans to snag weak banks on the cheap.

Meanwhile, Congress continues to discuss the $700 billion plan today. Bush, among many others, have expressed confidence that a bailout package will be passed sooner rather than later. Bernanke will be back on the hot seat before the Joint Economic Committee at 10:AM and he and Paulson will testify before the House financial services at 2:30PM.

Premarket gainers: SQNM, GS, MS, WM, FNM, FRE, PDGI, DSL, NITE, CPBY, HERO, ENER, ESLR, SPWR, SOLF, DSCO, JASO, CSIQ, CSUN, HOKU, DRYS, WOR, MAS, RBS, AIG, URBN, MTU, BAC, WFC, WFR, & YGE.

Premarket losers: JRCC, AAUK, CPNO, JNPR, CSE, CNX, MELI, OFC, TTM, JNPR, LCC, & VRTX.

Later this morning at 10:AM we have the existing home sales report and a half hour later the EIA Petroleum Status report. Both will likely be market movers. Oil prices have been climbing higher this morning and it may be worthwhile to mention that the Senate passed part of a $100 billion dollar energy bill that extends the tax credits for residential and commercial solar installation which is why the solar stocks are up in premarket trading.

Needless to say, the market is starved for any good news in any form and Buffett certainly provided that this morning. Have a great Wednesday!