Bad Bank Plan

Good morning. Premarket futures are soaring as details emerge on the new bad bank plan and the $900 billion dollar stimulus package. The financials (especially leveraged financial ETFs like the FAS) are under heavy accumulation in premarket trading.

Premarket gainers: MTB, CTIC, LYG, IRE, RBS, VPRT, FED, AIB, C, BCS, FAS, WFC, ABK, BAC, MI, DB, FITB, STI, UCBH, STT, CIT, VPRT, ZION, CSIQ, DRYS, HOG, ASML, YHOO, UAUA, STLD, CLNE, HCBK, ADBE, CSGS, NVDA, & BIDU.

Premarket losers: ALD, CNB, CENX, RFMD, KMR, LM, TEL, OTTR, NDN, SGEN, BRKL, STU, MOLX, AMLN, PLT, CP, ERY, DV, IOC, SGEN, & PALM.

Today is Fed day and along with more details and inspection over the latest government plans, the market will eagerly await any change (especially improvement) from the Fed's point of view this afternoon. No one expects the Fed to cut rates more, but the policy statement will likely prove to be a market mover.

Needless to say, the trade in play for the day will be focused on the financials and whether we can take out overhead resistance. I expect some choppy action after a big open and look for the dominant trend to take hold (if any) after 10:AM. Have a great day!