More Negative Data

Good morning. There's a ton of data out on the economy this morning and none of it very positive.

We have more mixed earnings reports and disappointing guidance, higher than expected jobless claims and a poor reading in the Monster Employment Index, news of more Wall Street layoffs, and weak same store sales reports. In addition, it appears by the losses in overseas markets that rate cuts by England and the ECB are not serving as a positive catalyst as many had hoped.

Premarket gainers: WFMI, CVTX, ATVI, PGNX, PLLL, WDR, TLAB, WEN, EGLE, BJ, YHOO, HOTT, CADX, EZCH, RSTI, CEDC, LL, BJ, EZCH, SIRI, & WNR.

Premarket losers: LVS, THQI, NOBL, ABK, WFC, MDR, ERES, ITWO, NWS, CSCO, SONS, ESLR, FCN, DOX, ERIC, STEM, BYD, GYMB, GEOI, FWLT, DRYS, WYNN, ZUMZ, TM, BHP, RTP, MT, UBS, & HBC.

We have quite a large trading range to deal with between Tuesday's high at 1005 in the S&P and 849 on October 27th. For today, I'd keep a watch on the 10 day moving average (around 930) and see if we can hold around those levels prior to tomorrow's jobs report. In addition, I would also watch for how the market reacts to any new stimulus package chatter that we're likely to hear a lot about in the coming days.

Have a terrific Thursday!