This morning there seems to be something for both bulls and bears alike on the earnings front. The bulls will try to make the most of earnings reports from tech firms like Vmware (VMW), Broadcom (BRCM), and Yahoo! (YHOO) while the bears will try to hang their hats on Ambac Financial (ABK) and United Parcel Service (UPS). As for the latter, cautious comments about the current strength of economy from the UPS executives seem to have caught some people's attention.

Premarket gainers: SIRT, ANAD, REST, CYMI, CERN, EDAC, SWKS, VMW, BRCM, PFCB, FCEL, IVGN, LOGI, MOLX, RMBS, QGEN, PMTC, FRPT, CTRP, MRVL, AAPL, EMC, SGP, LJPC, SWKS, NGS, ACH, FCX, ILMN, ERIC, TUP, CSCO, ASML, and ZRAN.

Premarket losers: WVCM, INFN, TSFG, CREE, JAKK, RCRC, ORLY, DAL, STLD, FSTR, ODFL, XL, ACGY, YRCW, and RGR.

After the open, be prepared for a reaction in the market following the 10:30 petroleum status report. Beyond that, expect everything to be about earnings and tonight's report from Apple (AAPL). As you know from looking through the daily charts I provide of the S&P 500, we're stuck in a bit of sideways consolidation phase with resistance at last Friday's highs and support around the 1350 to 1360 area which must hold on any pullback in order to maintain a positive technical bias. Have a wonderful Wednesday!