Topping the headlines include the fact that more economists now predict recession, analysts worry about the retail spending, and China clamps down further on bank lending sending overseas markets lower. Along with all of that ugly news, traders are also concerned about the unwinding of the yen carry trade. Meanwhile, oil prices are also moving higher after OPEC said it won't make any changes on output.

Premarket gainers: NTOL, PHRM, DISH, ELNK, HLCS, ETFC, HRAY, CSUN, MCRL, BIDZ, STP, CRNT, YHOO, GME, ONXX, and CSIQ.

Premarket losers: LOW, DFS, LOGI, AAUK, BHP, UBS, BIDU, ABB, ACH, C, FNM, DRYS, ACGY, CSUN, VOLV, and TASR.

At 1PM we have the housing market index which is expected to be a market mover ahead of tomorrow's reports on housing starts, investor confidence and the FOMC minutes.

The same support levels we were looking at last week, like S&P 1440 remain in the forefront this week as well. I don't have to tell you that traditionally this week tends to reward the bulls and some weakness today will set up some rebound trades for the days around Thanksgiving holiday. The next two days most likely will be the most challenging of the four trading days ahead. Let's make the most of it!