Super Tuesday

Good morning. It's Super Tuesday and premarket futures are showing a negative bias for the open.

Weakness in commodities (gold and oil) and semiconductors after National Semi (NSM) cut its sales forecast have dampened expectations along with losses in overseas markets. The ISM nonmanufacturing index also fell sharply.

Premarket gainers: GTCB, SPF, SVN, NTCT, YTEC, TMA, ILMN, SVVS, SVNT, HOT, SOHU, GERN, TBSI, AMKR, CE, MOS, POT, PRGO, ARTG, SNDK, BRCM, LVS, TOL, VCLK, MTW, PHM, HOV, and DIS.

Premarket losers: PEG, SIRF, RMKR, WOOF, ARMHY, MLM, SNCR, CPSL, LOGI, SPRD, CS, GRMN, BSX, NYX, NSM, JRJC, ERIC, ASML, PAAS, FDRY, and EBAY.

Along with more earnings news, at 10:AM Fed Jeffrey Lacker will speak about the U.S. economic outlook at a bankers luncheon in Charleston, West Virginia.

We need for the market to find some level of support and see some new buy interest develop in the pullback while continued consolidation, especially within areas of the market that were overcooked in the bounce, would generally be healthy. To be sure, there is always a fine line between textbook consolidation and moving back into bear market sell mode following a dramatic V-shaped reversal. Today will offer at least some clue to the bulls’ resolve now that the “Fed will save us trade” has lost a little bit of its mojo.

Have a good day!