Quiet Time

Good morning. Premarket futures are higher this morning following speculation that M&A activity in the financial space (see Commerce Bancorp (CBH)) is another sign that the credit crisis of 2007 has passed. Overseas markets are higher while commodities are weak.

Premarket gainers: VIAC, NAII, PDLI, JRJC, ACTS, MRVC, CNTF, PKX, KONG, MVSN, CTDC, ACH, SYMC, CHNR, BIDU, MR, GERN, FRPT, GRMN, FSLR, SHPGY, TNH, CSUN, CBAK, TASR, and FMCN.

Premarket losers: EFJI, DSTI, HMY, CPSL, PALM, GOLD, BRLC, ACGY, BBND, MICC, ONXX, CRXL, PLCM, and YTEC.

At 10:AM we have a report on pending home sales and later on data regarding sales of motor vehicles will trickle in. Overall, there's not a lot of news out there this morning so enjoy the quiet time before the earnings storm later this month.

Everyone seems to think that we'll see some consolidation ahead of Friday's jobs report but given the strength we saw yesterday I'm a bit skeptical. The market is rallying on good, bad, or no news and that alone will keep everyone on their toes this week and forced to keep making more aggressive trades to keep up with the indexes. Have a terrific Tuesday!