Good morning. Premarket futures are mixed as oil prices hit fresh new highs and investors show a little reserve following negative news from financials like Bank Of America (BAC), National City (NCC), and Ubs (UBS). However, just like last week, not all news is bad as earnings from companies like Merck (MRK), Halliburton (HAL), and Novartis (NVS) impress investors.

Premarket gainers: MRK, NVS, PKTR, QGEN, SGP, GSX, HCSG, FLS, TIBX, IMCL, JASO, HAL, STLD, MEE, ACI, SDTH, ECMV, RACK, F, ASIA, DRYS, TNH, CROX, and VCLK.

Premarket losers: AMLN, TMA, ING, NCC, CRUS, MF, SHLD, RBS, BAC, GME, JEF, GW, WFC, SIRF, GRMN, an DELL.

As you might expect, this is going to be a big week for earnings as 157 of the S&P 500 companies, 9 Dow components, and big cap tech stocks like Microsoft (MSFT) and Apple (AAPL) report. As you know, the general sense last week was that news wasn't as bad as expected, but the question for this week is whether that will be enough to encourage investors to keep putting money to work.

Technically, 1400 in the S&P is an important sentiment level that needs to be taken out and held on a retest to confirm last week's rally.

Let's make it a great week!