A lot more earnings reports (many of which are positive) and a drop in oil prices are front and center today.

Premarket futures are indicating a positive open as the market attempts to build upon yesterday's nice gains.

Premarket gainers: PHLY, CNH, VTNC, INFN, ISRG, FRE, FNM, EMC, ILMN, CSIQ, SYNA, UAUA, LCC, AMR, DAL, PFE, DHR, WLP, NCOC, & VISN.

Premarket losers: ADCT, ANAD, AEHR, SEAB, ETFC, VMW, COST, CERN, WM, BRCM, NARA, ABFS, CHRW, ZMH, BJ, FORM, & PDO.

Along with reaction to earnings, traders will be monitoring two reports today - the Oil Inventories at 10:35AM and the Beige Book at 2PM. We also have some Fedspeak to deal with as well.

All in all, it was nice to see the market rally in the face of bad news yesterday (something I said yesterday morning was an important element to watch for) and we'll need to see more of the same to inspire sidelined cash back in and for the shorts to get squeezed. Have a great hump day!