Oil & Window Dressing

Good morning. Premarket futures have a positive bias as a pullback in oil gathers downside momentum. In addition, better than expected durable-goods orders and positive news from retailers like Chico's Fas (CHS) & American Eagle Outfitter (AEO) are helping sentiment.

Premarket gainers: FORD, DCI, DAR, AEO, PWRD, COGT, AKNS, JRJC, UAUA, AMR, WX, SAP, UFPT, SWN, QSFT, CKXE, HGSI, ADBE, SINO, SNHY, JBHT, INGN, YHOO, NVDA, LCC HUBG, QTWW, CPSL, BCON, ANSS, & DRYS

Premarket losers: MDCO, PSEC, SNDA, JBLU, CSIQ, KEY, WYNN, JMBA, CSUN, SOLF, JASO, PEIX, ADM, BP, HERO, & AMGN

At 10:30 we have the weekly oil inventory data and at 12:50 some Fedspeak from Minneapolis' Fed member Stern. Some end of the month window dressing will likely occur today which provides a reasonably good chance that we'll rally back to the top of the trend channel as long as oil prices remain under pressure. Keep an eye on sector rotations out of energy and commodities into technology, financials, and the retail for intraday confirmation.

Have a wonderful Wednesday!