Focus On The Negatives

Good morning. We're set to open lower this morning after some negative news from the financial sector including a large misses by Bank Of America (BAC), Washington Mutual (WM), and E Trade Financial (ETFC) and news of a SEC investigation of Countrywide Financial (CFC). While not all of the earnings reports were bad, it seems like the market wants to focus on the negatives this morning. The market is also dealing with rising jobless claims, new all time lows in the dollar, oil prices, and weakness in overseas markets including China.

Premarket gainers: ASPV, FONR, LOGI, PRGN, RMBS, ANDE, CORS, SQNM, GIGA, CSUN, PALM, GOLD, PDGI, OII, GOAM, CBST, TRAK, NOK, FRPT, SHPGY, HWAY, RFMD, and ESLR.

Premarket losers: NKTR, JADE, ELOS, EMPQ, ETFC, CTXS, SYNL, CHNR, HMIN, EBAY, ISIL, CTEL, LSTR, IRETS, YTEC, SPWR, CHA, ACH, NINE, FMCN, CNTF, PTR, ERIC, QGEN, PDLI, UTSI, JRJC, LULU, CTRP, WINN, FSLR, LAMR, AVCI, CPSL, ASTI, CBAK, and SONS.

At 10:AM we have a report on leading indicators and at noon the Philadelphia Fed Survey. Like yesterday, weak reports along these lines will help boost expectations for another Fed cut at the end of the month as if this morning's news from the financials and on jobless claims haven't already done that. All in all, another tricky trading day awaits - be careful out there.