Futures are suggesting the markets could build on yesterday’s bounce.  Futures are up ahead of the open with S&P fair value at +13.00 and NASDAQ fair value at +21.80.

The U.S. market get a boost on the rate cut from China's central bank and traders are relived after a successful debt offering by Spain’s Central Bank coupled with European markets up with solid gains all helping to push U.S. markets into the green.

The Euro continues to rebound with roughly a 0.2% move to the upside against the U.S. dollar.

Weekly initial jobless claims came in light at 377k vs. analysts’ expectations of 381K putting additional pressure on the Fed Chairman Bernanke’s testimony in front of congress at 10:00 AM ET. Other key day today to watch today is the Monthly Consumer Credit numbers scheduled for 3:00 PM ET release.