Fedspeak & More

Good morning. Premarket futures are pointing to a positive start following comments by Fed Vice Chairman Donald Kohn who said that monetary policy must be nimble, pragmatic, and flexible. Just exactly what the market wants to hear.

In other news, a weaker than expected report on durable goods, a report that online sales are setting records, and speculation that Citigroup (C) will be bought out is in play. The dollar is up this morning while overseas markets were mixed and commodity prices are under pressure.

Premarket gainers: VRGY, MLHR, JRJC, CTEL, TBSI, DSX, DRYS, EXM, CPHD, TASR, C, AYI, SPWR, ETFC, TKC, BCSI, CFC, NSANY, ADLR, AMZN, ATVI, CRNT, MICC, POT, CY, VRSN, CSIQ, GRMN, BIDU, GIGM, and CRDN.

Premarket losers: BIDZ, MRVL, SNIC, ILE, BRLC, SMTC, SBUX, CENT, UTI, CMO, GA, PBY, BWS, SNDA, DBRN, and WFC.

After the open, we have a report on existing home sales at 10:AM, more Fedspeak from Fisher at 1:PM, and the Beige Book at 2:PM. The bulls really need to put the pressure on if they're going to gain any respect in this market. Another big positive day certainly will help, especially if they can push above 1450 in the S&P 500.

Have a wonderful Wednesday!