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Good morning. If you're looking for good news, you've come to the wrong place.

Premarket futures are firmly in negative territory following disappointing data on employment. According to the ADP employment report, November nonfarm private employment fell 250,000, which was much worse than the expected drop of 205,000. October was also revised lower to -179,000 from -157,000. Also, corporate layoffs surged to nearly a 7-year high. In combination, both reports point to a disappointing employment report this Friday.

In other news, Research in Motion cut its third quarter revenue and earnings outlook citing a weaker dollar and lower than estimated unit shipments of existing products. Meanwhile, mortgage applications soar following the Fed actions last week as interest rates plummet and people try to take advantage of the decline. Nonfarm productivity was up 1.3% in Q3, more than the 0.9% economists expected.

Premarket gainers: OGXI, CEG, MRVL, LUK, GFI, ETP, QGEN, LINE, GW, NXY, GERN, GGP, DLM, F, SLW, & LVLT.

Premarket losers: IFX, OVTI, LYG, HTX, RAS, PALM, FCX, IIVI, TMA, RTP, HE, RIMM, ASML, TOT, BAC, AAPL, XOM, AAUK, GOLD, YHOO, DELL, BIDU, FSLR, HE, GTE, & SFI.

The calendar is filled today with lots more data. At 10:AM we have the ISM Non-Manufacturing Survey (should be a market mover), at 10:35 the weekly EIA Petroleum Status report, and at 2PM the Fed's Beige Book. We also have some Fedspeak from Kroszner at 10:15AM and Lacker at 1:PM.

Be prepared for some whiplash and random-like trading out there today. All eyes, of course, we be focused again on Monday's pullback lows. Have a wonderful Wednesday!