Stocks that are overbought include: FLS, PRGO, HMN, & ESLR. Stocks that are oversold include: CCRT, MS, FTK, PHH, CPO, BEN, ADVNB, TBSI, EGLE, LULU, PNRA, BDK, SPSX, C, IBM, EMC, VMW, JAH, SCRX, UAUA, MALL, WYNN, UA, GIGM, WM, GRMN, DSX, CRNT, QSII, VTIV, SINA, & CROX.

After staging a striking rally late yesterday, futures are indicating a sharply lower open for the mkt. Whatever momentum may have been drawn from yesterday's late-session move was tossed aside following another write-down, this time from Wachovia (WB). The co saw a $1.1 bln decline in the value of its CDOs and expects to increase its provision for loan losses in Q4 by $500 mln to $600 mln in excess of charge-offs. There were also rumors circulating that Barclays (BCS) is getting ready to announce a write-down of as much as $10 bln. But according to Dow Jones, the co said there was no substance to those rumors. Dow futures are currently -102; Nasdaq futures are currently -30; S&P futures are currently -14.3. But the financial sector is not the only group taking a hit as yesterday's laggard, technology, is suffering following disappointing guidance from Qualcomm (QCOM). The co did report a Q4 profit of $0.54 per share that was a penny ahead of ests, but its EPS and rev guidance for Q1 and FY08 were below consensus ests. The co noted on its call that upside to guidance will be limited by near-term supply constraints... One last sector under pressure this morning is solar, following a disappointing outlook from JA Solar (JASO). Like its peer First Solar (FSLR), who led the group higher yesterday, the co beat handily on both the top and bottom lines in Q3. But following a 15.7% gain yesterday, the stock turned sharply lower during the co's earnings presentation in which it provided conservative Q4 guidance and did a poor job of explaining the reasoning to analysts... In other news, Merck (MRK) is making headlines after agreeing to resolve a number of its Vioxx lawsuits by paying a $4.85 bln settlement, after insisting for years that it would fight all 27K cases. Some economic data was just released, and most notable was the Sept Trade Deficit, which lowered to $56.5 bln, its lowest level since May '05 and below the $58.5 bln consensus... After losing most of its gains during yesterday's late-session rally in equities, the Bond mkt is higher this morning on another round of banking write-downs and rumors of write-downs in WB and BCS. The 10-yr is currently +06/32 to 4.258%. Note the bond mkt closes early today (13:00ET) ahead of Monday's holiday for the Veterans Day holiday. Notable pre-market Calls include Upgrades: AMAT at JP Morgan and Citi, EBAY at Piper Jaffray, S at Stifel Nicolaus; Downgrades: TLAB at Lehman, CEPH at JMP Securities, JWN and JCP at Bear Stearns... On the Earnings calendar, LGF, PAAS and SMTL are confirmed to report after the close... On the Economic calendar, preliminary Nov Michigan Sentiment (consensus 80.0) will be released at 10:00ET.

Gapping down on weak earnings/guidance: MDRX -28.5% (multiple downgrades following earnings), JASO -19.0%, JSDA -18.4%, GMKT -12.6%, IART -9.5%, MRVC -7.6%, QCOM -6.7%... U.S. Financials seeing moderate pressure this morning after WB commented on impact of market volatility on its financial results, saying it expects to increase our allowance for loan losses in the fourth quarter of 2007: WB -4.4%, LEH -3.8%, GS -3.3%, BSC -2.6%, JPM -2.6%, C -2.6%, WFC -1.5%... European banks under pressure after BCS fell on rumor of a writedown; BCS reportedly denied the rumor: BCS -6.3%, RBS -6.1%, ING -3.6%, UBS -3.4%... Solar names seeing profit-taking as JASO drops 19% following earnings: YGE -8.0%, TSL -6.2%, ESLR -4.3%, LMC -4.8%, STP -3.1%... Other news: CLWR -29.0% (Sprint Nextel and CLWR terminate WiMAX letter of intent), LEAP -29.4% (co announces restatement of prior period results), NDAQ -8.2% (co announces Hellman & Friedman Capital, H&F Executive Fund and H&F Entities sold ~23.5 mln shares), ALVR -4.9% (WiMax name gapping down in sympathy with CLWR).

Gapping up on strong earnings/guidance: PCLN +14.5%, PWRD +10.0%, CTIC +7.9%, PCR +7.4%, NVDA +3.6%, DLB +3.6%... Other news: RTP +8.5% (strength attributed to rumor of counterbid and delay of "2.10 rule"), AMAT +5.1% (upgraded at JP Morgan and Citigroup), SCON +4.8% (signs definitive agreement for joint venture with Hunchun BaoLi Communications), SNP +4.5% (upgraded to Buy from Neutral at Goldman - CNN.com), MRK +3.0%% (enters $4.85 bln agreement to resolve U.S. VIOXX product liability lawsuit), AMT +2.9% (to replace Alltel (AT) in the S&P 500), BRCM +1.3% (upgraded to Neutral at Amtech).