Moving To Oversold

Good morning. Futures are negative following weakness in overseas markets, more earnings news, a decrease in mortgage applications and an inline Durable Goods report.

Beyond the economic data, top headlines include GMAC's request for a new lifeline, the SEC is questioning Apollo's accounting, Dems seek to extend Fannie & Freddie loan limits, the pay czar apparently has increased the base salaries at many firms, Frank unveils plan to deal with too-big-to-fail banks and both consumer and investor confidence dips while gloom spreads on the economy.

Read more of my premarket report.