Pre-market Summary Early indications suggest that yesterday's rally will run out of steam. Aside from TXN's Q4 sales warning, as well as weaker than expected sales from KFT, tempting investors to lock in recent gains, this morning's apprehension can also be attributed to some uncertainty as to what policy makers will say about inflation when they begin their two-day FOMC meeting this morning. Dow futures are currently +1; Nasdaq futures are currently +0.2; S&P futures are currently -1.1. Click here for support and resistance levels for these major indices... Notable pre-market Calls include: Upgrades -- GNTX at UBS, MDU at Baird, F at Goldman; Downgrades -- NEW and TAM at JP Morgan, BUD at UBS, CECO at SunTrust, BOBJ at First Albany, Trucking Sector at Wachovia; Initiations -- GRMN at H.C. Wainwright (Neutral), AVRX at H.C. Wainwright (Strong Buy), URBN at SunTrust (Neutral), SMRT at First Albany (Buy)... In Europe, stocks fell for the first time in three days, led by mining cos after BHP Billiton reported lower production and as copper prices dropped. The FTSE is currently +0.1%; the DAX is currently -0.1%; the CAC is currently -0.1%. In Asia, stocks rose for a fourth day, led by Toyota Motor (TM) and Taiwan Semiconductor Manufacturing (TSM), on speculation slumping energy prices will prompt the Federal Reserve to leave U.S. interest rates unchanged this week. The Nikkei closed -0.05%; the Hang Seng closed +0.35%... On the Earnings calendar, over 50 cos report after the close including AMZN, though the majority are smaller-to-mid tier names. On the Economic calendar, nothing is on the schedule for today... The Bond mkt has backed off the bid, working around unchanged in quiet action. It will be hard-pressed to make any solid upside with the FOMC and relevant data on the docket. The 10-yr is currently +01/32 to 4.822%. In Commodities, crude oil is currently -0.19 to $58.62 while gold is currently -2.10 to $580.80.