Markets worldwide have been volatile (strength in China and weakness in Europe) following comments from the European Central Bank President who made it clear that inflation is the top concern and that it was unlikely they would cut rates like in the U.S. This raises all sorts of questions for the market, including questions whether the Fed is doing the smart thing by its emergency cuts yesterday. Meanwhile, commodities like gold and oil are both under pressure this morning.

Premarket gainers: PMTC, DROOY, CHKP, BKI, SPSN, PFE, LINTA, VRTX, SNP, and COH.

Premarket losers: HGSI, FCFS, AAPL, VRTX, HOKU, BOLT, PLT, AKNS, CSUN, RIMM, SOLF, FSLR, ACGY, MELI, SAY, NOK, DRYS, QGEN, SII, ERIC, CSIQ, MOSY, MOT, NVDA, VRSN, ALVR, PETM, ISIL, CBI, SPWR, GRMN, FCX, PKG, SHPGY, JASO, HERO, TKC, BAX, PCU, QCOM, CROX, WPPGY, ESLR, NOV, TEF, CSCO, DELL, UNH, CELG, VCLK, RIO, JNPR, and YHOO.

Beyond the weekly oil inventory numbers, there are no major economic reports releases today. However, along with earnings, the focus will remain on the Fed Funds futures which now indicate a rapidly growing expectation for a 75 basis point cut next week. The market seems to be sending the message that a whole lot more is needed from the Fed and, more importantly, if the Bernanke doesn't keep giving in to the market's demands, there will be hell to pay. A dramatic showdown between the Fed and the market is brewing unlike anything we've ever seen in the past.

For today, if we get there, yesterday's lows will be the line in the sand for the bulls. They'll need to defend that level with everything they have. Be smart and make it a good day!