As nearly everyone offers their own opinion about whether the U.S. economy is slipping into recession, the market itself is doing a fairly good job of showing what it thinks. The S&P 500 has now fallen -5.3% so far this year, its worst start to a year since 1930.

Nevertheless, the bulls continue to hope for the best amid chatter about a new Bush stimulus package and rumors of emergency rate cuts to stop the bleeding. Remember, Bernanke is scheduled to speak tomorrow and some think he may do something positive for the market.

Later today traders will be watcing oil prices especially after the 10:30 petroleum status report and the start of earnings season with a report from Alcoa (AA) after the closing bell. Gold prices continue to be strong while overseas markets are mixed.

Premarket gainers: QLGC, DNDN, RBN, PPDI, PRFT, APOL, SEED, MOS, XING, HOKU, COIN, ETFC, CFC, GBT, ACH, GFI, SOLF, LDK, AKNS, CALM, GOLD, CHA, CEO, CHINA, CTDC, TKC, AGU, GCO, CHRD, PAAS, SHPGY, TRA, TASR, CLWT, and PCU.

Premarket losers: SPEC, MBI, NIHD, GRMN, RMBS, PRXI, INTU, DRYS, RYAAY, and CHKP.

In my view, it won't be rates cuts or a stimulus package that will make a difference, but earnings. It is clear that the market doesn't expect a lot of good news ahead on this front. We have some good earnings news from Robbins & Myers (RBN), Mosaic (MOS), & Du Pont (DD) and I'll be interested to see how these trade today and over the next week or so.

Have a wonderful Wednesday!