Good morning. As we begin the last trading week of July, this morning investors react to more earnings reports, higher oil prices, and news that private equity firm KKR plans to sell itself to the public.

In other news, two banks were shut down by the FDIC over the weekend and the Senate passed its housing bill on Saturday. This morning Gary Stern, president of the Federal Reserve Bank of Minneapolis, said he believes the credit crunch will continue for several quarters and could still get worse.

Premarket gainers: AMGN, SOHU, CALM, FRE, SINA, BHP, IOC, YZC, PWRD, SLW, VISN, CVTX, CVG, SIRI, JRCC, BUCY, ICO, & GDP.

Premarket losers: VNDA, SILC, JOBS, QELP, UAUA, SHPGY, TSN, NOG, MTL, RBS, DAL, CC, MICC, ARTC, MPEL, VZ, AIB, ISRG, & NWA.

As far as economic data, we have a slow start to the week with the bulk of this week's important data scheduled for Thursday and Friday. Of course, yet another jobs report due out on Friday will be front and center throughout the trading week.

At this point, the market has currently worked off its oversold state and, if we've hit bottom, we need to see positive price action even in the face of more bad news on the economic and earnings front this week. As usual, the movement in financials and energy will continue to provide short-term tells to work with for the week ahead and be prepared to see some increased volatility over the next few days. Have a great Monday!