Obama Defeats McCain

Good morning. Premarket futures are lower as investors digest Obama's victory and sort through the latest earnings and economic data. As for the latter, Challenger reported layoff announcements that totaled a five-year high and ADP is calling for a drop of 157,000 in October nonfarm private payrolls. In addition, rising mortgage rates last week were to blame for large declines in both refinancings and new mortgages.

Premarket gainers: RAME, AGU, DTG, AHII, CLWR, S, TEN, TWC, GSX, TESO, AMMD, NNBR, AFAM, HMC, SIL, BGC, THC, GNK, CIT, & XIDE.

Premarket losers: ABK, MT, MBI, SPWRA, CLNE, ITWO, NILE, MORN, NSR, CHK, IFX, GOLD, DUK, RIG, AIG, DVN, SOLF, JASO, CSIQ, AKNS, SHLD, MCHP, SID, TTM, & PCU.

At 10:AM we have the October ISM Services Index and five minutes later the Weekly Energy Inventory numbers. Like we've seen over the past few weeks, be prepared to see lots of chatter about how Obama will affect the market in both positive and negative ways (so far, Obama's win has directly boosted the dollar).

As you know, we're in short-term overbought territory so at a minimum we should see some choppy trading ahead of Friday's jobs report at worse some significant profit-taking after the pre-election ramp.

Go make it a great day!