Strength in overseas markets for the most part have produced this morning's optimism along with positive analyst calls on two Dow components - United Technologies (UTX) & Intel (INTC) - and some better than expected earnings news from a few retailers like Guess? (GES). In addition, a stronger than expected report on 3Q productivity and lower labor costs have helped. A large, but expected dividend cut at Fannie Mae (FNM) and a much stronger than expected ADP employment report have tempered some of that optimism.

Premarket gainers: ADLR, SOLF, SOHU, UXG, CPST, PSS, VSNT, GES, HOTT, RIMM, CTV, WDC, DSW, LDK, SOHU, CY, JSDA, IFX, IDCC, SNTA, JRJC, CPSL, CHNR, RVBD, FFIV, HOKU, PBR, SEED, INTC, DRYS, EXM, DSX, CTDC, CHINA, SPWR, CMGI, and ESLR

Premarket losers: TOPT, CMCSA, PLAB, CHS, CHTR, CSIQ, NTRS, XMSR, and GOLD

This morning is chalk-full of data starting at 10:AM with the release of reports on Factory Orders, ISM Non-Manufacturing Survey, and the Pending Home Sales Index. Then we have the EIA Petroleum Status report at 10:30 which takes on more importance following news that OPEC will not increase production.

At the moment, if you're bullish you want to see even more bad news, especially Friday's jobs report. As expectations vary for the Fed's next move, Wall Street needs to believe that Bernanke is not behind the credit curve and they don't want the Fed to have any room to not cut rates by at least 50 basis points next week in addition to taking even more aggressive measures to firm up the credit markets.

Have a wonderful Wednesday!