The terrible reversal and fall that stocks took during yesterday afternoon's reversal should keep investors' trigger fingers twitchy heading into today's open. Right now, stock futures are indicating a fractionally lower opening. I suspect if stocks don't firm up quickly, more selling will set in.

Oil prices will continue to be a problem, as crude is inching up to new highs again this morning, despite OPEC's talk of trying to get a $40 price band in place.

We have weekly jobless claims at 8:30 a.m. EDT today; they're expected to decline 5,000 to 325,000. At 10 a.m., leading economic indicators get released.

On the earnings front,

Petco

(PETC)

has already reported better-than-expected numbers and raised full-year guidance. Other names reporting today include a few retailers such as

Gap

(GPS) - Get Report

,

Claire's

(CLE)

,

Sharper Image

(SHRP)

and

Electronics Boutique

(ELBO)

. From techland, we get numbers from

Ciena

(CIEN) - Get Report

.

From the rumors-were-true department: Perpetual takeover target

Advanced Fibre

(AFCI)

is being purchased by

Tellabs

(TLAB)

for $1.9 billion, or around $21 per share. AFCI closed yesterday at $17.15.

Please note that due to factors including low market capitalization and/or insufficient public float, we consider Sharper Image to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

Steven Smith writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks. He also doesn't invest in hedge funds or other private investment partnerships. He was a seatholding member of the Chicago Board of Trade (CBOT) and the Chicago Board Options Exchange (CBOE) from May 1989 to August 1995. During that six-year period, he traded multiple markets for his own personal account and acted as an executing broker for third-party accounts. He invites you to send your feedback to

steve.smith@thestreet.com.