More Volatility Ahead

Good morning. Premarket futures have a negative bias following more weakness in overseas markets and concerns over bond insurers like Mbia Inc (MBI).

Earnings have been fairly mixed and investors are also looking over another batch of economic data which showed rising jobless claims, a weak Monster Employment Index reading, and flat consumer spending. Not exactly what you want to see, but then again shows why the Fed is being very aggressive in cutting rates.

Premarket gainers: CTIC, MA, ADBL, HOKU, ESLR, EMKR, ADS, CNQR, SMCI, CVS, GIGM, RTN, PEIX, RSTI, ISIS, CATM, and BKC.

Premarket losers: AMZN, CDNS, SBUX, ARAY, MBI, CAM, UBS, HOLX, DWCH, PG, OVEN, BLOG, NDAQ, BIDU, MRX, RNOW, ASML, ADBE, C, MBI, UBS, DCP, MTSN, BPHX, HOT, BMY, SDTH, SNPS, ACGY, GLAD, LMC, FSLR, NVLS, and RIMM.

After the opening bell, we have the Chicago PMI at 9:45 and some key earnings from stocks like Google (GOOG), Intuitive Surgical (ISRG) and Electronic Arts (ERTS) after the closing bell.

It will be interesting to see how much weakness we can generate now with the Fed behind us and ahead of tomorrow's jobs report after a negative gap open. I'll be surprised if they can crush this market based on the news I have seen this morning. Overall, I expect more volatility than anything else today. Have a terrific Thursday.