The New Toxic Asset Program

Good morning. Premarket futures are significantly higher and point to a strong open following strength in overseas markets and details regarding the Treasury's new toxic asset program. The program plans to create a series of public-private investments funds to buy up to $1000 billion in legacy loans and securities and the government is taking on much of the risk and offering subsidies to encourage participation from the private sector.

In other headlines, traders are focusing on bullish comments from Mark Mobius, news that Suncor Energy will acquire Petro-Canada, and government seizure of more credit unions and small banks.

Premarket gainers: CETV, PCZ, CNB, LYG, AEG, AIG, FNM, FRE, ABK, ING, BCS, C, HBAN, BAC, GCI, FITB, HIG, KEY, GNW, RF, PRU, CPHD, USB, BX, DB, WFC, MS, LM, COF, TRA, ACH, RTP, DRYS, UAUA, SSL, WAG, & CNQR.

Premarket losers: FAZ, CAR, EDZ, FCH, SKF, TYP, FXP, ERY, DPK, RRZ, HPY, TZA, SRS, GRT, SEF, BGZ, UNTD, GT, ODP, SMN, & CY.

Today's focus will be on Geithner's plan and whether it will work. At 10:AM we also have a report on existing home sales.

Technically, look for S&P 803 to provide some resistance and potential future support if taken out this morning and S&P 740 on the downside if that effort fails. We're still well into overbought territory right now and testing a key trend line resistance on any upside move:

Let's make it a great week!