More Of The Same

Good morning. Premarket futures are again under pressure as investors brace themselves for more negative data on the economy and earnings.

Starting us off this morning was a report on retail sales which fell -2.7% (ex-autos down -3.1%). However, mortgage applications & refinancings jumped signifcantly higher last week as the average 30-year mortgage rate fell to 4.89%.

In other news, Nortel finally bites the dust, Citigroup and Morgan Stanley establish a joint brokerage venture, and the Fed's Plosser see GDP growth well below 2% in 2009.

Premarket gainers: CTIC, EROC, STEM, NEXM, AEPI, EXFO, YRCW, TWI, PMI, MF, CKSI, BRKR, JBT, SQNM, YHOO, LEN, DNDN, SOA, & JNY.

Premarket losers: NT, ZQK, STSA, UA, BCS, HBC, C, UBS, LLTC, SI, DB, RTP, IO, ZGEN, ERIC, GOLD, PZZA, INCY, CRXL, CS, AAUK, ACAS, NVDA, ASML, FSLR, & TIF.

We have a busy day ahead with business inventories (10:AM), the EIA petroleum status report (10:30AM), and the Fed's Beige Book (2PM). In addition, we have Fedspeak from Gary Stern (1:PM).

Today, much like yesterday, is all about finding some stability and and support in the face of more negative news. Fortunately, another big move lower would put us back into oversold territory setting the stage for another reversal and volatility should increase overall especially as option expiration Friday draws closer.

Go make it a great day!