PRE MARKET

The Asian markets are red save China which has been on a tear as of late. Europe is a sea of red as well.

The investigation of Beazer homes for mortgage fraud was the big after hours news yesterday. I wonder how many other home builders will suffer the same fate.

There was a $5 spike in oil after hours after rumors of an Iranian missile strike against a US warship. Oil is still trading up a buck. Whoever planted these rumors made a killing I suppose.

Orders for durable goods increased less than expected. I think its obvious by now that the economy is slowing.

Today, Bernanke is testifying before Congress on the US economic outlook. Bulls will hope he paints a rosy picture of the economy. I expect he will. The indices are opening lower but I expect a Bernanke rally .