Hump Day

Good morning. As everyone tries to figure out how effective the latest action by the Fed will affect the credit markets and economy, premarket futures are pointing to a lower open.

A Wall Street Journal report suggesting that home-equity loans are the next big problem and a profit warning from Humana (HUM) are also in focus. Markets overseas are higher with the exception of China.

Premarket gainers: TWTI, JASO, CFSG, SIMO, TMA, DNDN, HDL, QTWW, CSIQ, DMND, SPWR, TASR, TLCV, MBLX, TTWO, CPHD, GOLD, JCG, FLDR, and CXSP.

Premarket losers: PGNX, DIVX, BLUD, HUM, CPHD, KLAC, DRYS, VIP, UNH, WLP, PKOH, KLAC, and ESRX.

After the opening bell, we only have the weekly oil inventories at 10:30. With oil futures above $108 a barrel it will be interesting to see Wall Street's reaction.

As I said last night, it is not unusual to see some consolidation after the kind of explosive upside move we say yesterday. What we don't want to do is fall back in to the same downtrend that we've seen over the past couple of weeks. A test of S&P 1310 and then sideways consolidation if not another push upward by the end of the day would be the most bullish thing the market could do. We'll see if they can do it.

Have a great hump day!