Pre Markets

Futures are trading well below fair value and the first test of "the low is in" crowd may be upon us. The test- will the bulls buy the dip and the 50 SMA on the SPX?

In the news- durable goods orders worse than expected and did anyone really expect something else?

MOT splitting in 2- for some reason some think 2 pieces of MOT are better than 1!!!

GS economists see $1.2Trillion of global credit losses with wall street accounting for 40% of the losses;

Gappin Up- BRCM ORCL S ZVUE CSUN PFSW AEHR VVTV AUY GOLD HL HMY AA AAUK PAL MT DROOY LMC TRP AU GFI BHP;

Gappin Down- CCU RF C CSCO COF WFC GRMN GILD JBL CHIC SAI SEED CORS C RBS PFCB MER CIT HBC BAC;

Oil over $102- Gold $942 EURO 1.572;