The Market On Monday

At 7:00 a.m. futures are moderately up and oil is up.

Investors are looking at tasty equities priced down as a result of last week's sell off.

China has posted "robust" numbers surrounding its manufacturing sector. This fact has momentarily prompted investors to look at the world economy through rose colored glasses. The market should open higher but after data on housing construction is released, its a crap shoot.

CNN: Stocks ready for November bounce

Investors will look to a reading on construction spending as well as a report on pending home sales at 10 a.m. ET. Also due out is a survey of nationwide manufacturing activity.

Reuters: Stock futures signal rebound on Wall Street

Oil rose above $77 a barrel on Monday, retracing some of the previous session's 3.6 percent drop, as bullish manufacturing data from China helped to allay fears about the pace of the rebound in global energy demand.