Pre market

Looks like that mini China collapse is over. After being down over 5% for the day and nearly 25% from its peak, Shanghai managed a comeback to end up 2.63%. Most Asian indices are bullish as well though Europe is slightly bearish probably in anticipation of the US ISM report .

Speaking of Europe, the expectation is that the ECB will raise rates tomorrow and thus the Euro is soaring to a record versus the Yen.

The mobile virtual network industry is tough. Just ask Amp'd Mobile who have filed bankruptcy just 17 months after launch.

Oil prices are dropping as concerns of a storm approaching the Persian Gulf fade. I guess traders use any excuse to jack up oil prices. A major geopolitical event and oil could see $100 in a flash.

Based on the Lone Star deal to buy Accredited for $400 million, I would try picking up smaller mortgage lenders such as NFI AHM DFC HMB DRL IMH. These stocks have all been battered and atleast one or more will be bought out as the mortgage industry consolidates.

Pre market futures are indicating a lower open for US equities. I would buy the dip eyes closed.