Another Turnaround Tuesday?

Good morning. The market is poised to move higher on takeover speculation concerning Alcoa (AA) and a large buyback announcement from 3M (MMM). Meanwhile, investors haven't shown much interest in the news that the U.S. trade deficit widened more than expected.

Notable gainers in premarket trading are PCLN, APPB, SNDA, CYNO, UEPS, BRLC, CROX, CHINA, TEVA, LVLT, RVBD, ZONE, ECGI, KOOL, ALVR, and AMKR. Notable losers are KNOT, IRBT, OSIR, ENPT, HANS, UCTT, CRXL, EXPD, ANAD, GNTA, and ESRX.

There are some expectations for at least a short-term oversold bounce and/or some stabilization ahead of Bernanke's testimony. In fact, many think that if the market fails to hold these levels, if not register a more significant bounce soon, it will provide evidence of a significant change in character for the market. Have a terrific Tuesday!