Bush Auto Bailout

Good morning. Premarket futures are slightly higher after Bush announced a $13.4 billion dollar low-interest loan from TARP to the automakers with an additional $4 billion in February.

Beyond the auto bailout, investors will also be watching the reaction to earnings from Research in Motion and Oracle as well as how currencies trade after Japan's central bank cut its target lending rate to 0.1%. The S&P also cut ratings on 12 banks.

Premarket gainers: GM, F, ZQK, PBKS, LIHR, UAUA, NEXM, FBC, PWAV, CSUN, EGY, ADLR, COMS, DRI, MFE, ORCL, NLY, JDSU, ASML, RIMM, DW, SIRI, & MNKD.

Premarket losers: CLDX, DVAX, IPI, AUY, CADX, PDLI, PALM, CDE, KMX, RAD, SU, GTE, CY, GFI, DGI, RBS, RTP, POT, SLW, MT, GNW, MT, HBC, AAUK, & ALVR.

Heading into the final trading days of 2008, we have a relatively tight trading range to keep an eye on between Monday's lows (S&P 860) and highs (S&P 910). In fact, a little more weakness today (so long as the declines are limited) would be a positive development to set up a bullish tone for the rest of December. Today is also quadruple witching day and many traders (myself included) are closing their books for the year.

Go make it a great day!