Shanghai Stimulus

Good morning. Premarket futures are pointing to a slight positive open following a big rally in Shanghai upon hopes the government would soon introduce a large stimulus package to boost their slowing economy.

As for the U.S. equity market, this morning investors are weighing better than expected earnings at Hewlett-Packard, rising oil prices ahead of the government's weekly energy report at 10:35AM, and Goldman Sachs' latest view of the financials.

Premarket gainers: PAY, OMTR, MENT, NG, RTLX, NGAS, FED, ZOLT, LFC, ACH, HPQ, GILT, PDO, CHL, USEG, STP, OTEX, NVDA, SOLF, CSUN, PDLI, RTP, & PBT.

Premarket losers: NVTL, JKHY, CPL, LCC, UAUA, NWA, BCS, AMR, QGEN, ARAY, OSTK, ADI, & ARAY.

Overall, premarket trading has been fairly lackluster and without a lot of volume and that is likely to carry over into today's trading session. Higher oil prices, especially following this morning inventory report, would provide some headwinds for any rally attempt and if the counter trend bounce from July is to hold, we need for the S&P to hold the 1250 support level on any additional sell pressure we see.

Have a wonderful Wednesday!