Turnaround Tuesday

Good morning. It seems like investors are in a better mood this morning. Frankly, it wouldn't be difficult given the way we've started out the week.

Some good earnings news from Hewlett-Packard (HPQ), Medtronic (MDT), and Nordstrom (JWN) have helped get things started even though not all news is good news this morning. Case in point, take note of the $2 billion dollar loss at Freddie Mac (FRE) and the $6 billion dollar loss at a Goldman Sachs' (GS) hedge fund.

Meanwhile, October housing starts came in stronger than expected and oil prices are up while the dollar hits fresh lows. Overseas markets were higher and that has certainly contributed to the positive bias.

Premarket gainers: BCSI, AMRN, DKS, GLGC, RSTO, JWN, ACTG, AIXG, ACH, CHA, WCG, SHI, HPQ, GMO, SIGM, NOK, EXM, DRYS, RMBS, FCEL, XFML, GLNG, BPHX, JRJC, CTDC, CSIQ, CTRP, NICE, RIMM, and CRNT.

Premarket losers: FRE, FNM, GME, FMCN, CALD, GA, DISH, NGAS, HRAY, KONG, and EGLT.

At 10:AM we have an update on the State Street Investor Confidence but the FOMC minutes at 2PM are today's big event. The minutes will be under more scrutiny due to Bernanke's promises to expand the Fed's forecasts to increase transparency and continued hope for more rate cuts. Fed funds futures still show a very high expectation (over 80%) for another rate cut at the December 11th meeting.

One thing we don't want to see today is a failure to hold and to build on this morning's positive start. Needless to say, the FOMC minutes this afternoon make for a tricky trading day and much like yesterday volume should be lower across the board and even more so after today. Have a terrific Tuesday.