A Quiet Monday

Good morning. Premarket futures are showing a positive bias. There's very few market moving headlines, but there's hope that we'll see a rally into Bernanke's Valentine's Day speech and Friday's options expiration.

Among the few headlines out there getting some attention include a downbeat G7 meeting, jobs cuts at Ford (F), continued speculation of airline mergers, the ending of the Hollywood writers strike, and news that Yahoo! (YHOO) will reject Microsoft's (MSFT) hostile bid. There is also a Forrester report saying that tech spending will be lower than expected. Overseas markets are lower.

Premarket gainers: YHOO, ETFC, AAPL, ONT, TASR, ACLS, DSCO, CENT, HYC, POSS, CTIC, SPWR, CY, FSLR, SOLF, AKNS, CSUN, ESLR, BIDU, HAS, OSUR, NDAQ, ALVR, SWKS, BRCM, CROX, DRYS, and RIMM.

Premarket losers: LVLT, BRLC, NURO, BLDR, BRO, and LCAV.

For today, the economic calendar is empty and for the most part most of this week's data comes at the end of the week starting with a report on January retail sales on Wednesday. Ahead of Bernanke, the market is currently expecting a 50 basis points rate cut at the next FOMC meeting on March 18th.

Like last week, I'm still watching the 1320 level in the S&P as support and 1400 as overhead resistance. That's a fairly large trading range, but enough of one to provide some attractive trading setups. If premarket trading is any indication, everyone wants to own a solar stock this morning. Let's make it a great week!