Good morning. A rebound in oil prices and mixed earnings reports top today's headlines. Initial jobless claims also came in higher than expected this week. Overall, premarket activity has been volatile giving little clue to today's direction.

Premarket gainers: VITL, QCOM, BIDU, RSH, IDCC, VAR, LSI, LVLT, NCC, GR, TRA, AN, WM, AMZN, TRA, DGII, MLNX, DOX, TEX, BG, VDSI, GSIC, ICO, CRUS, NTRI, ARTG, POT, XMSR, CROX, SOHU, NTGR, & AFOP.

Premarket losers: WFR, CDNS, SWIR, NVEC, CPTS, WIRE, GDI, DSL, CSX, OMTR, CMG, TASR, MKSI, SPF, SKX, DAI, LCC, F, FFIV, DNR, CAKE, UAUA, & RYL.

At 10:AM we have a report on existing home sales and, like usual, the market has low expectations for that report.

Clearly, the market continues to build upon its oversold bounce and is doing so in a manner that is starting to call into question the negativity some share for the market. The key question now is whether the counter trend decline in oil prices and rally in financials will continue as we've seen of late:

We're at points in both of these charts that additional losses in oil and gains in financials will encounter some resistance. How the market responds to that will provide another clue to whether this bounce has more legs than most expect. There's some hope now that technology will take leadership at this point to carry the market higher and we'll see if the bulls can gain some traction there following a number of fairly good earnings reports from that sector.

Have a terrific Thursday!