Use The Market Rebound Wisely

Good morning. Premarket futures are indicating that we'll see a market rebound. While most Asian and European markets fell for a second day, a recovery in Chinese stocks and feeling that yesterday's decline is only temporary in nature is bringing out the buy-the-dippers.

Amid this morning's movers and shakers, stocks showing significant buy interest in premarket trading are EAGL, CHINA, LEAP, KOMG, BOBJ, NVTL, STTS, CIEN, BEAS, VSNT, NUAN, ACH, TSL, and AKAM. Sellers are concentrated in shares of BITS, JOYG, VPHM, SLXP, AVNR, RFMD, and ADSK.

As expected, Q4 GDP was revised lower and there is hope that Bernanke will come to the rescue by providing optimistic comments about the economy when he reports to the House Budget Committee at 10:AM. Along with that speech, traders will be looking at the Chicago PMI at 9:45AM, the New Home Sales Report at 10:00AM and the EIA Petroleum Status Report at 10:30AM.

Tension is running high and they'll be lots of emotional-based trading ahead. While things look positive in the early going, I'd be very careful when putting cash to work. If anything, strength here should be used to reposition and to reduce your risk exposure if you haven't already done so. Be smart today.