The Earnings Test

Good morning. Premarket futures have been volatile as investors prepare for a number of earnings reports this week. Today's only economic report, the Empire State Manufacturing Index, came in higher than expected. Traders will also be paying attention to any noteworthy statements made by FOMC members Bernanke, Poole, Bies, and Yellen later on.

Stocks trading up so far include ESLR, RVBD, OPEN, MTOX, ARNA, NEOL, FNSR, VICL, DSTI, NABI, SPTN, DVAX, INTX, NICE, PEIX, NITE, OMRI, NVE, and INTC. Positions under pressure are SUMT, MTSN, AMLN, RIMM, AMZN, and AEOS.

Following the tremendous gains over the past couple of months, a lot of good news is already priced in. How the market responds to earnings now and whether we'll see a sell the news trade will be the key this week. Let's have a great one!