S&P Trades At 20 Times Earnings

Good morning. Stocks are positioned for an upward start as oil prices drop, the dollar rebounds, and some M&A activity and restructuring at General Motors are in focus. There's very little on the economic calendar today (and for that matter the rest of the week) even though Bernanke is scheduled to speak a couple of times.

Premarket gainers: APPX, NCOC, CALM, QELP, BCE, ATSI, DRYS, ZION, SOLF, F, GM, UAUA, JNPR, NTAP, BRCM, & XMSR.

Premarket losers: DROOY, RBS, STON, TEVA, AAUK, UBS, BCS, DIS, & QTWW.

The S&P 500, which last week completed the longest streak of weekly declines in four years, is currently valued at 20.84 times earnings, the lowest since April 11th, according to Bloomberg data. The main question is whether that's really cheap enough as we begin another earnings season.

I'll be back in awhile with some links that I found useful this morning to catch up on what I missed last week. Let's make this a productive and profitable week!