Good morning. Premarket futures have a positive bias following the PPI which rose +1.1% month over month and a better than expected Empire Manufacturing report.

On the earnings front, it seems as a whole we have more good news than bad with JNJ, USB, STT, and INFY, offsetting the blowup in CROX. Overseas markets are mixed, as crude oil futures climb to new highs. Also, a lot of focus remains on M&A activity in the airline sector this morning.

Premarket gainers: CPWR, ADTN, DAL, NWA, UAUA, CAL, CTSH, OESX, HSR, INFY, DNDN, PII, SOLF, CEDU, ASTI, CSIQ, JBLU, EXPO, NOEC, JASO, PPHM, FRNT, OZN, IMOS, STO, CF, ESLR, AZN, JNJ, and STT.

Premarket losers: AFFX, CROX, NVTL, VCGH, BIIB, DECK, SIGM, FRX, STEC, SWIR, and XLNX.

At 1PM we have the Housing Market Index which may very well be a market mover as investors await the report from Intel (INTC) among many others after the closing bell.

Given the weakness we've seen over the past week, it makes sense that we'll see at least one attempt to rally the market this week and the premarket futures indicate that they're going to give it shot this morning. The strength of the rebound should help us know how much buying interest there really is out there and how confident investors are in putting money to work during earnings season. If they can takeout 1360 in the S&P 500 that will go a long way to confirm that we are in a trading range environment rather than a full scale breakdown.

Have a terrific Tuesday!