Worldwide Woes

Good morning. Concern that the global economic slowdown is deepening has set a negative tone in premarket trading.

Much like last week, overseas markets are under significant selling pressure (Hong Kong's Hang Seng fell another -12.7%) causing premarket futures here to indicate selling at the open. The key headlines include the fact that the Group of Seven industrialized nations hinted they could intervene to stop the Japanese yen's ascent and the IMF announced rescue plans for Hungary and Ukraine.

As for over here, reports suggest that Goldman Sachs called Citigroup last month to discuss a merger (rejected by Citigroup) and investors are sorting through more earnings reports.

Premarket gainers: PPC, X, FLEX, FITB, ARNA, SOHU, VZ, EQ, ACV, DAL, UAUA, LUV, AMR, PENN, FHN, CNB, TKC, SIRI, HUN, & SOV.

Premarket losers: SVNT, THOR, NRG, ACH, RTP, AEG, LFC, SNP, CEO, TTM, WPPGY, GM, CAT, SLM, PTR, ARD, JNY, F, NT, ACI, AAUK, BBL, ING, L, CHL, AXA, MDRX, SAP, HBC, DAI, BP, VOD, MT, GOLD, BCS, TOT, & NOK.

The trading session's only economic report - new home sales - will hit the wires at 10:AM. This report will be somewhat important following last week's bounce in existing home sales. We also have a lot more earnings reports this week including Wednesday's Fed meeting.

Needless to say, a lot of people are looking for the market to find its bottom this final week of October. But, obviously before that happens, we need to stop moving lower and for the market to find and form a level of support that can handle any additional fears that follow in the weeks ahead.

Let's make it a great week!