Rally Mode

Good morning. Premarket futures are in rally mode following strength in overseas markets and especially in commodity-related oil stocks.

Top headlines this morning include expectations of stronger than expected economic data in China, a bearish sentiment survey at Bloomberg, Home Depot raised its 2009 profit forecast, mortgage applications fell as rates rose as industry pushes to extend the home-buyer tax credit, Ford is apparently seeking millions of dollars in direct loans and guarantees, the Supreme Court has let Chrysler's asset sale to Fiat proceed, and Obama has dropped its tough plan on bank compensation.

Premarket gainers: CDIC, JAZZ, SHFL, MLNK, CPST, ANX, CFX, GRH, GFG, ISLE, SAY, ROYL, ESLR, CENX, XTEX, JASO, HERO, QTWW, THQI, CPN, URRE, ETFC, CDII, RBS, OXM, RTP, ATPG, FEED, STLD, ACGY, EBAY, EGLE, UBS, XTXI, OPWV, & SEPR.

Premarket losers: MRNA, SINA, EFUT, CNB, NCS, BKD, HS, ODSY, HXL, B, LHO, SGY, SINA, AMP, NATI, ACH, EDZ, FXP, VSTN, INAP, & AMP.

While the focus today will be on the 2:PM release of the Fed's Beige Book, the Fed's Evans is scheduled to speak this morning and we have the weekly EIA Petro report at 10:30AM.

Much like yesterday, traders will be fixated on the trading range and whether we're able to break free from it entirely. Last Friday morning's gap open remains the level of overhead resistance for the major market averages and taking that hold and holding above it will be important.

Go make it a great day!