PRE MARKET NEWS

Stock index futures trading lower indicating a down opening on the heels of some crummy numbers from BBY. The housing starts number came in on target at 1,474K.

Gapping higher - EXPE EPIX CLRK ZGEN MGRM LNET TASR NUVO FDS ONSM CMED CELG;

Gapping lower- ALTH BBY CC JSDA BEAS VOD LEG RSH CSG;

Oil is trading down 25 cents while gold is down $1.8 and silver down 3 cents.

BBY said strong revenue results from lower gross margin products cut into gross profit rates; they see fiscal year 2008 eps at $2.95-$3.15 v $3.16 estimates;

The 10 year Bond rate is backing off again and trades this AM at 5.127%- I suspect the markets will move higher if the rate stays in this area or moves lower;

Some high 2 day RSI readings:

CIB 100

MA 99

BOT 99

LEH 100

BYD 98

MGM 98

BHP 95

LUK 95

APC 99

DO 97

FTO 99

DVN 98

HOC 100

DEL 98

XLE 95

OIH 95

RIMM 98

SNDK 97

TXN 95

SMH 95

Some low readings:

NDAQ 0

DISH 0

NYX 4

SEPR 3