Happy New Year!

Good morning. It's nice to be back!

We start of the first full week of January with negative premarket bias following last week's impressive advance and Friday's upside jumpstart to 2009. Extreme overbought conditions are currently in place.

The top focus once again remains in Washington as President-Elect Obama and congressional officials are crafting a $300 billion tax cut and Fed officials endorse big stimulus to battle the recession. The dollar is very strong today versus other major currencies.

Premarket gainers: YMI, ISYS, OCNF, MU, EGLE, DRYS, JASO, TASR, XNPT, ATHN, NM, HMA, EXM, GOLD, AMZN, AAPL, ARTC, & TBSI.

Premarket losers: BGR, GGP, ES, SBAC, IAG, RBS, DAI, GRS, VSEA, SAY, HOLX, BIDU, DB, FRE, SNY, CBY, BCS, F, JPM, FNM, SLW, MT, & REP.

We have a lot of data this week leading up to another jobs report on Friday. For today, focus will be on motor vehicle sales and the 10:AM report on construction spending. Congressional hearings into Madoff also begin today. That said, Wall Street strategists are very bullish on the market's prospects in 2009. According to Bloomberg, analysts predict the S&P will rise +17% in 2009.

Upon the first day back, I will have several posts today at the members' only website to offer performance data for last year along with a special post this afternoon that will outline priorities for 2009. Let's all make 2009 a great year!