PREMARKET

First, a few notes:

OIL PRICES again strong this morning. OILS are now extended from this recent move. Look at OIH, XLE, XOP for the recent moves off lows. A decent amount of names are at new highs.

BETA was strong yesterday. My beta page lit up like a pinball machine.

Major indices back above all-important 50 day average but heed the warning…does not mean they do not tuck their head in like a frightened turtle…but most definitely important.

FINANCIALS continue to act poorly. Many blaming the yield curve tightening. Just go look at PNC, CMA, STI, GS, C, WFC. The KRE and XLF continue to act suspect…but more earnings to come out.

Futures up this morning in spite of IBM, LRCX, ASML…but again word to the wise, the best thing market can do is hit a wall into this resistance…sit a bit and then get moving again.

A ton…and we mean a ton of more earnings to come out.

And lastly…and most importantly to us…as one of the brilliant minds in the business Kevin Marder just said…THE BASES ARE MANY AND CONSPICUOUS. This is all we ask for. Stocks that are setting up properly to bust out and move out. We are seeing the same thing. It does not mean they break out. It just means the opportunity is there. Holding support and time set the bases up. Now we want to see them report earnings and bust out of range. We will alert you if we start to get them.