Just Another Sucker's Rally?

Good morning. Premarket trading is showing a positive bias as oil prices fall, news that Michael Dell bought $100 million stock, and more positive feelings about financials following the Fannie/Freddie rescue. We do have some analysts downgrades of the homebuilders this morning given their recent advance so we'll see if that inspires any selling today as a result.

Premarket gainers: CRDC, EFUT, FNSR, UBS, FNM, FRE, GNW, BIOD, UAUA, DAL, AMR, AAI, GTIV, QGEN, DELL, MCD, DB, JASO, JBLU, AMLN, & FEED.

Premarket losers: FUL, MIND, TWTC, AVY, CSE, SM, MTG, SYT, UNG, TRA, EJ, PCX, KIM, ACGY, SHPGY, IBKR, SNDK, WM, WB, & LEH.

At 9:AM Ben Bernanke is scheduled to speak about education at a conference in Washington, D.C. Then one hour later we have the Pending Home Sales Index. With mortgage rates falling dramatically yesterday, the market will be watching for any sign of stability in this area over the next few weeks. Then, at the end of the day at 3PM, the OPEC meeting in Vienna will start.

Following yesterday's advance, there are a number of articles online expressing doubt over yesterday's move (here are only two examples - Sucker's Rally & Mark Hulbert). In my view, the more doubt and reluctance we see the better. We need the shorts to step up and press their bets for us to have the fuel needed to really get things moving higher again when the news flow turns more positive.

Have a terrific Tuesday!