The Market On Thursday

At 8:10 a.m. futures are modestly up, the dollar is down against the yen and euro, and oil is up per barrel. The trifecta for a initial market bounce is in place.

The ameliorating factor could be pre-market data on the state of employment. Improving numbers will be viewed as a boost to recovery, while the opposite will "create fears of a weak recovery."

Bernanke testifies today on how the Fed will remove its free money when all is going great guns.

The journalists are also pointing towards the EU with the fear that more countries will join the insolvency parade.

CNN: Stocks poised for rebound

Bernanke is scheduled to appear before the House Financial Services Committee Thursday to discuss how the central bank plans to wihdraw stimulus as the economy continues to show signs of a gradual recovery.

"...Real fear of further downgrades within the EU is alive in the marketplace."

Reuters: Futures higher ahead of jobs data

The report on initial jobless claims, due at 8:30 a.m. EDT, is expected to show the number of people filing for first-time jobless benefits dipped to 450,000 last week from 457,000 the week before, according to Reuters data.