Obama, Krugman, & More

Good morning. Premarket futures are slightly positive as the market contemplates a number of headlines revolving around Obama and a bullish prediction by Paul Krugman.

According to the latest reports, the White House plans to pare back its finance reforms, the TARP oversight panel says bank stress tests should be repeated, the Treasury has ten banks on its list of those approved to repay TARP, and the Obama administration wants Europe to put its banks through more rigorous stress tests.

In other news, Texas Instruments raised its second quarter outlook, Chrysler creditors win a Supreme Court stay, auto-parts suppliers plan to request new federal aid, and just in case you were in a coma yesterday, Apple has unveiled a cheaper iPhone.

Premarket gainers: ADCT, MW, GFG, GNBT, SAY, FCEL, MRNA, TLB, PBY, PSUN, FRO, VVUS, CSUN, TC, TXN, ONNN, ATRC, MRVL, SNDK, NUAN, ARNA, OVTI, STEC, ISIS, BDSI, CSIQ, SOLF, PMTI, CIEN, SNDK, & SPWRA.

Premarket losers: ZQK, CRDN, MDTL, ELY, HNBC, NAV, CBL, MAS, CMS, EPB, KNDL, ZLC, OFG, SHS, ARUN, CKSI, BTH, BDC, ANPI, GIGM, EPB, MT, & BBL.

At 10:00AM the market will review the latest read in wholesale inventories and there's hope for easing inventory draws that would indicate an improving economy. A half-hour later Geithner will testify before a Senate subcommittee.

Yesterday's final hour rip helped the market and overall it appears that we are slowly, but surely working off the overbought condition generated by that impressive June 1st breakout without doing much technical damage so far. For today, I'd keep those 10/20 simple moving averages in focus within the major indexes:

Go make it a great day!