Aug 22 premarket

Stock index futures are up and bond futures are down. Be on the lookout for a bullish trending day today if there is no gap fill within the first hour. Pay close attention to JPY and AUD currencies. Watch for possibility of huge short covering rally up to 50ma on indices. I will be watching to see if XLE, XLF, XHB, and SMH are trending higher and also I'll be watching to see if volume is above average. News this morning is the Oil # at 10:30am EST, so watch to see if XLE reacts on heavy volume and if it starts to trend later in the day.