Banks Need More Help

Good morning. The negative bias continues following another long speech by Bernanke including his view that there will be no lasting recovery without more aid to banks.

President Bush has already requested the second half of TARP after Obama said that "it would be irresponsible for me to enter into the administration without any potential ammunition should there be some sort of emergency or weakening of the financial system."

In other news, Alcoa worse-than-expected loss disappoints, November's trade balance was less the forecast, and retail chain store sales fell 2.3% from a week ago.

Premarket gainers: TARG, ZGEN, LIFE, ELN, LIZ, CYCC, VAR, KNL, HUM, CTDC, FCEL, FSIN, HOGS, CBG, GDP, RRI, YRCW, INFY, SYNA, BIDU, GOLD, CLNE, ALVR, & FIG.

Premarket losers: CPHD, FSLR, SNV, RBS, OREX, SOLF, EGLE, C, BCS, LXK, WLP, PLD, OSK, WDC, MEE, UBS, SNE, GLW, RTP, BBL, JASO, BAC, WFC, MS, & AA.

The only report of concern for today is the 2:PM Treasury Budget in which a huge deficit is expected. The U.S. dollar as well as oil prices wil continue to be monitored closely today.

Following last night's post, there's little new to offer up this morning. I'll be watching to see if the market can manage to at least stabilize itself if not foster at least a knee-jerk bounce. As far as I'm concerned, the more oversold we get the better at this point. Have a good day!