A Rise In Housing Starts

Good morning. Premarket futures have been volatile, but currently point to a higher open. A surprising rise in housing starts helped by a large increase in construction of apartment buildings improved premarket sentiment considerably following weakness in overseas markets.

Other headlines traders are looking at this morning include a decrease in retail sales, the latest PPI, a pair of earnings warnings from Alcoa (AA) & Rio Tinto (RTP), and comments from Meredith Whitney on CNBC.

Premarket gainers: SBLK, CLNE, EXXI, FCS, UBS, HOGS, RDN, FRE, GGP, HOV, AMB, ZUMZ, CTX, KBH, FDS, LEN, LCC, CEPH, FRPT, CLFD, BAC, DB, MKTAY, CRYP, DRYS, RYAAY, SHPGY, & APP.

Premarket losers: ENER, SINA, SPWRA, FSLR, TRH, AINV, QCOR, CTCM, CHU, FMBI, SYNN, DNDN, AA, EGY, MT, & MS.

We have no economic reports scheduled during today's session. However, the Fed's policy-setting Federal Open Market Committee begins its two-day meeting today with a decision on interest rates tomorrow afternoon.

No doubt the bulls will be looking to set up a higher trading range between S&P 740 to yesterday's highs around S&P 772. This will likely remain a formidable area of resistance and much will clearly depend on whether the market is able to manage to break through this area over the near-term.

Go make it a great day!