Stimulus Snapper

Good morning. Premarket futures are very positive this morning.

At 11:50AM Bush is going to unveil his fiscal stimulus plan and while both GE and IBM said overseas sales growth helped them to exceed analysts' estimates. Overseas markets are higher while commodities are mixed. Reports on leading economic indicators for December and consumer sentiment will be released at 10:AM.

Premarket gainers: LAB, RTP, AMD, GRRF, LFC, WIND, PFGC, ADS, SDTH, MELI, GFIG, GE, TRA, FXI, IBM, JASO, CSUN, XLNX, CAM, SWKS, POT, RIMM, WIND, SOLF, CF, CHL, COIN, DRYS, MICC, TITN, BIDU, AAUK, SIGM, NVDA, ESLR, HOKU, and AMTD.

Premarket losers: UA, SGEN, BIOF, FXP, MBI, RNWK, ATPG, EJ, ABK, SLB, and STX.

Following one of the worst three day losses for the major market averages, it makes sense we'll see a little snap back counter-trend rally. Unfortunately a large gap open is going to irritate more traders than actually calm down the market.

Many are looking for a capitulation washout and subsequent intraday reversal like we've seen in prior notable bottoms versus this morning's gap open that will invite sellers to swamp the tape again after short-term oversold conditions have been lifted.

Along with monitoring the tape, I'll be working on the Q&A. Have a great Friday!