Overseas Snappers

Good morning. Large-scale snap back rallies in overseas markets (Hang Seng up +14%) have carried over and set a very positive tone in premarket trading. Futures currently suggest a +3 to +4% gap at the opening bell.

Meanwhile, for the most part, the headlines this morning are not all that positive. Clearly, the positive trading we're seeing is not directly tied to the news.

Premarket gainers: AHG, SVNT, CLS, ATHR, JASO, SOLF, DRYS, FWLT, ARM, IVN, AIG, CSR, PPL, CAJ, SSL, HMC, JBL, LPL, TIE, FNM, BEAV, PKX, VLO, BP, RCL, CHK, XOM, SPWRA, EYE, RAD, FSLR, ERIC, BIDU, & APWR.

Premarket losers: BWLD, RCII, CRDN, ING, GNTX, AEG, HUN, DB, CAR, YHOO, ALL, ZRAN, CR, BEE, SKS, BPOP, & USG.

We have a report on Consumer Confidence at 10:AM and the two-day FOMC meeting begins today (the interest rate announcement will come at 2:15PM tomorrow). Obviously, there's a large amount of hope that we're going to rally hard into the Fed meeting (the worst is now over) and we'll certainly need to see a lot of strength out there to confirm that expectation.

For today, much will depend on whether they can build upon the gap open after the first hour that premarket futures are indicating. Go make it a great Tuesday!