Flight To Safety

Good morning. Premarket futures are under pressure as markets around the world see selling, concern rises that automakers are close to bankruptcy, and continued disappointment that the economic stimulus package signed into law today won't curb the deepening recession anytime soon.

This morning's Empire state manufacturing survey came in much lower than expected and the Fed had to shut down four more banks over the weekend. Also, with no budget and on the brink of running out of cash, California had to cut 20,000 state jobs.

Premarket gainers: SIRI, MELA, MOD, BBND, RACK, CSTR, UXG, FAZ, INSM, NCX, NARA, ATMI, NG, TEN, NVAX, WYN, ASMI, STEM, DO, AXYS, GLD, RNT, CAG, RTLX, NG, SLW, BSX, & WMT.

Premarket losers: LYG, AIB, CHTR, EGLE, FITB, LPHI, SVNT, MTL, PLD, GIL, ACAS, QLTI, AMAG, BCS, DB, BHP, MT, GM, F, GE, JPM, DAI, NOK, HBC, TOTO, C, BAC, WFT, AMAG, CRXL, DRYS, AAUK, PALM, RIMM, & YHOO.

At 10:AM we have a report on investor confidence and at 1PM the NAHB releases its housing market index. St. Louis Federal Reserve Bank President James Bullard is also scheduled to speak at 1:PM.

The flight to safety trade is being seen in premarket trading with high demand for both gold (GLD) and Treasuries (TLT). In addition, financials (XLF) remain under pressure. For tells, I'd watch all three in today's session. On deck includes both a 4-day week (always challenging) not to mention options expiration on Friday. Let's make it a great week!