Buffett To The Rescue

Good morning. Much like yesterday, we have a positive bias to start out the day but few notable headlines to work with.

News that Warren Buffet has offered to reinsure several municipal bond insureres and that six mortgage lenders are teaming up with nonprofits to help avoid more foreclosures top this morning's headlines. Beyond that, we do have some more earnings news and overseas markets are positive.

Premarket gainers: DEPO, DYAX, GCT, CPST, ABK, MBI, MON, CYNO, WWE, ANAD, MELI, YHOO, SGP, TWTC, ALDA, GLUU, NUAN, NDN, NOK, ARGN, TBSI, NICE, TKC, DRYS, GOLD, and FSLR.

Premarket losers: GM, ANDE, ESLR, ZOLT, IMB, DY, BRKS, VRTX, and ASEI.

There's no new economic data out today, but earnings will remain in focus ahead of tomorrow's report on retail sales. If yesterday was the final and last test of key support, it came with little fanfare. I suspect that if the bulls manage to build on yesterday's momentum (which I think is more likely to happen than not ahead of Bernanke), it will frustrate quite a few people who expected more weakness than we've seen this week.

Have a terrific Tuesday!