Good morning. The markets are preparing for a lower open amid rising oil prices and hawkish comments regarding inflation risks from Fed Chairman Bernanke. Weakness in Asian markets and a widening trade gap have also contributed to the negative premarket bias.

Premarket gainers: HIRE, AMSC, SHFL, HK, TIE, NGS, GIFI, BPAX, sPSX, URI, GEOI, ROYL, PBY, STAR, & NCOC.

Premarket losers: CMGI, SQNM, ACGY, LOGI, DRYS, ALXA, SHPGY, VE, UAUA, UFPT, TEVA, BEAV, ESLR, SNCR, NBF, NX, TS, BWP, CROX, MT, F, CSIQ, SOLF, & WLT.

Our favorite sentiment tell - i.e. confidence in the Fed - is under significant pressure following the recent Fedspeak and concern over higher interest rates as the economy struggles. For months now the "worst is over" and "Bernanke will save us" trades have been positive catalysts and investors are simply growing concerned that both are disappearing as safety blankets amid a slower growth environment.

Much like yesterday, I will keep my eyes on the Nasdaq leaders for intraday tells. They’ve proven to be useful in these declines and we’ll likely see that continue for the day ahead. Again, in this environment, pick your spots carefully and keep some dry powder in reserve. With the market under pressure, sentiment is changing and that will lead to more opportunities than we’ve seen in recent weeks.

Have a terrific Tuesday!