Earnings, Data, & Fed Concern

Good morning. As investors sort through hundreds of mixed earnings reports, two reports on the economy - jobless claims & durable goods - came in better than expected. Also concerns begin to mount over the future direction of Fed policy as highlighted by page one of this morning's Wall Street Journal.

Premarket futures have been extremely volatile this morning and are currently pointing to a slightly lower start. Overseas markets were mostly lower except in China where stocks soared 9% after the government cut taxes on equity trading. Commodities are lower across the board.

Premarket gainers: WIRE, EPIX, SPAR, LSI, SLTC, ELNK, EQIX, FFIV, WAVE, ADSK, ASIA, ABK, BVF, AXYS, HLIT, RFMD, TNH, XMSR, F, ESV, NIHD, COMV, SEED, BG, ASIA, ABB, COMV, MATK, KEX, PRXL, and NE.

Premarket losers: TASR, SBUX, AMZN, PLXS, LYTS, SCSS, LRCX, CTXS, WHR, VRTX, ASML, AAUK, LOGI, STLD, MCRI, LRCX, EXTR, ICO, XLNX, PTV, QZEL, FSTR, RTP, GOLD, MOT, and CMG.

At 10:AM the help wanted index and new home sales reports come out and expectations are very low especially for home sales.

All in all, the market seems to be searching for direction amid all of this data leaving participants dazed and confused on what to expect from the Fed next week. Earnings seasons are tricky affairs normally, but even more so with so much confusion about how the economy really is doing right now. As usual, keep the same technical levels in place if you're trading short-term and you'll be fine. Have a great Thursday!