Pre market

The markets in Asia are mostly green though Shanghai looks like it may have put in a double top with a strong reversal in the final session. The markets in Europe are all bullish.

Morgan Stanley saw a 40% rise in profit on gains in stock trading and bonds as well as investment banking fees. MS is up in pre market along with the other big I-Banks.

FedEx saw an increase in quarterly profit as international shipments continue growing.Domestic shipments continue declining reflecting a slowing US economy.

AT&T maybe a bigger beneficiary from the iPhone than Apple as people switch over. Perhaps a trade might be long T and short VZ Q and S.

Blackstone is moving up its IPO date. Could this be perhaps because President Bush's Yale roommate and current Blackstone chairman Stephen A.Schwarzman has gotten the signal from his 'friends' in high places that the days of liquidity are ending soon and he needs to cash out fast ?

Stocks to Watch
GOOG AAPL RIMM AMZN SNDK MU BIDU HANS CROX MS GS YHOO GE DNA EXPE

Keep an Eye on

• Price of Gold and Silver
• Oil prices
• US dollar
• 10 year bond yield
• Yen

Pre Market stock futures are indicating a very bullish open. The 10 yr bond yield continues to ease though I feel it is nearing support at 5%. Could a second market reversal occur at this point ?

PRE MARKET

Markets across Asia and Europe are very bullish.

Shares in Morgan Stanley are surging after the company reports profits exceeding all estimates. Trading gains played a big factor. Could they have been short February 27 ?

FedEx reports first drop in earnings in three years. Winter storms and slowing US economy to blame. Shares are tumbling pre-market.

Could this be a contrarian indicator for a big rally ? Merrill Lynch survey shows investor bearishness at 7 month high.

Based on the price movements in the US and overseas markets, it appears the bulls are making a comeback. Today will be an important one for the markets with the FED decision being announced at 2:15 ET. Rates are expected to stay the same. I believe the reaction of the markets after 2:15 ET will be crucial.