Good morning. Investors are hoping for the best this morning as Bernanke is scheduled to speak at 10:AM. Traders are hoping that Ben will signal that a rate cut will come soon, that it will be much larger than expected, and that he and Washington will debut a stimulus package that will save America from recession.
Meanwhile, a larger than expected loss at Merrill Lynch (MER), better than expected weekly initial jobless claims and weaker than expected housing starts and building permits are in focus. Both overseas markets and commodities are higher this morning.
Premarket gainers: JAVA, WCI, COSI, EBAY, FRPT, IQW, ADCT, HLIT, LDK, CHINA, ONT, AMTD, ERIC, RIO, JASO, ASML, COGO, SOLF, CHL, MPEL, GHM, PRGO, TIBX, CAL, and PH.
Premarket losers: LOGI, SPWR, ABK, ARO, MSTR, MER, APH, CY, ANAD, FSLR, CYBS, HOG, MOS, and AAUK.
Other than Bernanke and some more Fedspeak from Fisher and Lockhart, we have the Philadelphia Fed Survey at 10:AM and not much else. Everyone will be watching yesterday's lows in addition to how the market responds to Bernanke this morning. Have a great day!
