Good morning. Better than expected jobless claims, another new record high in oil, and analyst downgrades of the financials are front and center following yesterday's breakdown.

We have some Fedspeak from Kroszner this morning, but after that the economic calendar is quiet. The only remaining data point for the week is tomorrow's existing home sales report.

Premarket gainers: CRED, IIJI, SINO, MYGN, STP, ESLR, NDSN, RTP, BHP, PLCE, SMTC, LDG, AAUK, EAC, LTD, COIN, ENS, TASR, BONT, ENS, NVAX, BTRX, PRGN, CPN, PGNX, SEED, & CPSL.

Premarket losers: BCSI, BCE, NTAP, AKAM, NTES, CEDU, FFIV, JTX, PETM, RAD, PFE, SOLF, PDCO, TBSI, & HUGH.

Premarket futures are holding steady probably due to short-term oversold conditions. This is going to be a tricky day where you have to expect to see the bulls try to stage a comeback. If I'm planning to trade on a day like this, I usually like to wait at least an hour or two after the open to have at least some idea of whether the market can find support as premarket futures are not providing a clear read of the day ahead. No doubt, the bulls are hoping that a top in oil will allow them to take back control.

Have a terrific Thursday!