Pre Market

The Asian markets showed plenty of strength with Shanghai continuing its rise. Europe as well is mostly green.

Stocks In Play

Shares of MGM Mirage are surging this morning following news that majority shareholder Kerkorian is pursuing 'financial restructuring transactions'. Shares of other casino operators such as LVS WYNN MPEL are all up as a result.

Mortgage lender Fremont is surging over 45% in pre market following an agreement to sell its commercial real estate lending business. There are plenty of names in the mortgage lending arena that are underpriced due to overreaction to the subprime scare.

Paulson wants the Chinese yuan currency to appreciate faster . He is meeting behind closed doors today with Chinese Vice Premier Wu Yi along with Bernanke.

The Pre market futures are indicating a higher open. I would be inclined to say that the Nasdaq, smallcaps and midcaps will be relative outperformers over the Dow and S&P.