PREMARKET CHECK

Major market futures are set to open lower on dissappointing news from AMD and SAP depressing the overall markets. Interest rates are also creeping up with the 10 year Bond trading at a rate of 4.77% as I type.

I will continue to buy the SMH on any dippage today as I suspect the ETF will trade very well over the next several weeks.

Stuff on the wires this morning includes COP with a $1B share buyback; ICE target upped to $154 at Sandler O'Neill and $155 at Pru; the infamous (Knick fans) Dolan's up their offer for CVC to $30 and call it best and final; AAPL target raised to $105 at Bank of America; INFY target raised to $67 from $57 at Jeffries; Thinkequity top picks for 2007 includes - AAPL CKFR FFIV GIGM QCOM SBUX SPWR LNUX WSSI; and ICE reported another record day yesterday in WTI and Brent Futures.