Chasing The Fed Carrot

Good morning. Premarket futures are indicating that the bulls will close out the week with broad-based gains today after good news from Microsoft (MSFT) bolsters confidence in technology and upbeat guidance from Countrywide Financial (CFC) has created a short-squeeze in the financials. Along with other earnings reports in focus, the dollar fell to another record low and crude oil futures are up while overseas markets are higher. We have a reading on consumer sentiment at 10:AM.

Premarket gainers: SNCR, SWIR, MSFT, TGIC, DV, WFR, FRNT, XING, PANC, DECK, NTGR, FDRY, DRIV, MTG, ESLR, VSCN, HITT, NVTL, OMTR, VDSI, ETFC, OIIM, SEED, CNH, GOLD, CROX, BOOM, CLAY, JRJC, NVDA, CSUN, ANAD, CORS, DELL, PSYS, AKAM, NUAN, ONNN, CELG, MTW, QGEN, OSIP, LOCK, CBAK, FSLR, NILE, JNPR, YHOO, and CSCO.

Premarket losers: VERT, TRID, ORCC, RADS, VSEA, BEAS, KLAC, HNSN, ALGN, LRCX, CWTR, COLM, YRCW, and ASMLD.

The market's inability to breakdown this week in the face of troubling news is both dumbfounding and impressive at the same time. I suppose that there's something to be said for providing the market with the proverbial carrot in front of them in the form of another rate cut. Have a great Friday!