$850 Billion Stimulus

Good morning. Premarket futures are showing a positive bias after weekly jobless claims were lower than forecast and reports suggest that Obama is working on an $850 billion stimulus package.

Premarket gainers: GGP, STEM, FBC, APOG, DVAX, SLG, AUXL, EGLE, DRYS, DFS, PRGN, STLD, SB, GERN, NVLS, GOLD, PAYX, PAL, GSS, SIL, CDE, SNY, CSIQ, FSLR, MFN, ENER, HOV, TBSI, & APWR.

Premarket losers: TTWO, SCHL, MF, CPY, ATHR, WFR, HBC, FORM, LDK, BUCY, WYN, SLAB, FCH, AM, MNKD, & WFMI.

In addition to another news conference by Obama this morning, at 10:AM we have the Philly Fed Survey and Leading Indicators. Fed member Fisher is also scheduled to speak at 11:30 about the economy and at 2:30 the Fed Board will hold an open meeting on credit card regulations.

Trading volume has been on the low side all week and that trend is expected to continue for the remaining of the year. For today's upside move, the first level of resistance to watch is around 910 on the S&P. This is a level that seems to have been difficult to close above in recent days. In addition, if premarket trading is any indication, precious metals, shipping, and solar stocks will be front and center on many radar screens this morning.

Go make it a great day!