Market Potpourri

Good morning. There's a lot going on and premarket futures have been volatile in reaction to the morning's headlines.

The key focus points include falling jobless claims, a strong report from Goldman Sachs (GS), a weak report from Bear Stearns (BSC), and a lowered outlook from Fedex (FDX). Investors want to see how weak the economy is and they're using these stocks and how they react to the news as economic tells.

Meanwhile the Fed will be back in the spotlight with Bernanke and Paulson testifying in front of the House Financial Services Committee on mortgage markets at 10:AM. We also have reports on economic indicators at 10:AM and the Philadelphia Fed Manufacturing Index at noon. All in all, a very busy day.

Premarket gainers: DROOY, APOG, NDAQ, IMMR, CREE, GNVC, BRLC, SNDA, DSTI, FCX, ACGY, GOLD, CELL, SINA, SOLF, FTK, AUUK, NTRI, FRPT, GFI, CROX, BEAS, MT, AGYS, ORCL, and RFMD.

Premarket losers: BCRX, MLHR, NTRI, SWIR, VDSI, OMTR, SIRI, KLAC, HSVLY, VSEA, AKAM, ERIC, AKAM, GNET, LLNW, LKQX, AMAT, WYNN, CMED, and NVDA.

Remember, I expect some consolidation and profit-taking, but I think we're likely to see the underlying bid to continue as we work off the overbought condition in some extended stocks/sectors. Have a good one.