Good morning. Premarket futures are mixed as third-quarter growth is revised higher. At 10:00am the November Chicago PMI report and energy inventory data will be released and at 2:00pm we'll get our hands on the Fed's Beige Book.

Recent failure among some of the market leaders will keep traders on their toes. We all know at best the market needs some time to digest the recent gains before making a strong effort to attack the recent highs. At worst the top has already been put in and we'll move back into a rotational environment as traders try to defend recent gains and reposition their portfolios in order to squeeze out some last minute profits in the final month of the year. As you probably can guess, I think the latter is much more likely, but my job is to be prepared for anything and everything.

A quick scan of premarket activity shows little of significant interest. Some early movers include DBRN, MIPS, BCRX, ALDN, CPN, TIVO, OSUR, HITK, MCHP, BOBJ, JDSU, & UARM. Like the last few days, patience remains the key strategy. Have a great day out there!