Good morning. Investors are sorting through a plethora of earnings reports some of which like Merrill Lynch (MER) are the most disappointing we've seen so far this earnings season. Meanwhile, oil continues to fall ahead of the weekly inventory numbers at 10:30, the dollar is up and overseas markets are mixed. Problems in Turkey and the devastation from the California fires have also put some negative pressure on premarket sentiment.

Premarket gainers: QLGC, VOLV, SLAB, TMTA, DISH, TASR, KMGB, GENZ, PLCE, JEC, ASIA, NDAQ, TZOO, CF, NVLS, ALGN, CBAK, RMBS, ASMLD, CME, FCX, EPAX, and ISLN. Premarket losers: GLOI, RVBD, ANAD, EFII, BRCM, TRMB, SVVS, ALTR, WVCM, WIRE, AMZN, PNRA, BCSI, USAP, ILMN, SBCF, JNPR, RFMD, MICC, HLIT, SMDI, CRNT, DRYS, TBSI, CAKE, LOGI, ACH, JDSU, NVDA, YTEC, APOL, ACGY, MRVL, INTC, SEED, FSLR, SNDK, ETFC, CSCO, AKAM, and CPSL.

At 10:AM the National Association of Realtors posts existing home sales data for September which is expected to show a decline in sales to 5.25 million annualized units from 5.50 million in August. A weaker than expected report will also act as further confirmation of a pending rate cut by the Fed. Since few people think being short another rate cut by the Fed makes sense, that remains a factor that the market will continue to grapple with in the face of any bad news. From my standpoint, it will be interesting to see how much negative traction the market can gain from this morning's earnings news. The bears have yet to show any muscle following last Friday’s meltdown and if they don’t do it today, the view that the market is bulletproof ahead of the Fed will likely continue.