Uncle Ben Once Again

Good morning. Premarket futures are indicating a higher open as investors remain impressed with yesterday's big rally and hope that Ben Bernanke will inspire more buying when he speaks to Congress today.

Before Ben Bernanke's testimony, investors are pleased to find that the March ADP Employment Report indicated that jobs grew by 8,000, better than expected than a loss of 45K jobs while February's rate was revised of a drop of 18K from 23 along with an improved Challenger job-cut report. There is also news that the Senate is near a deal on a new housing bill to help distressed homeowners avoid foreclosure. Away from that, investors are watching commodities as both oil and metal prices are showing some strength. Overseas markets are generally higher.

Premarket gainers: BLUD, BBY, CPST, CTIC, MU, VRUS, CC, NCC, KMX, EXFO, GOLD, SOLF, STP, NOK, ALVR, AMAT, and RIMM.

Premarket losers: LOJN, LULU, MEDX, CHRD, PFB, DEEP, HNSN, ISTA, PAY, and CROX.

Once again Ben Bernanke will draw the market's full focus and attention this morning. Traders will be concerned primarily with any insight concerning the Fed's role in Bear's bailout and more importantly, are hoping that Bernanke will confirm that he plans to stick with his aggressive interest rate cutting program. At 10AM also have the February factory orders report which is expected to show a decline of -0.8%, adding to the –2.5% decline seen in January.

This is a moment where you want to see the rally being bought (even amid overbought conditions) instead of sold into. We'll see if Bernanke can rally the troops and continue yesterday's love fest. Keep the levels I've been talking about front and center along with a close eye on both the financials and commodities for intraday clues. Have a great day!