U.S. markets are positive in early trading with S&P 500 futures up nearly 1% on speculation that the Federal Reserve will step in to support the markets via some type of 'QE3' program. However, Asian markets closed negative for a third straight day as growing Eurozone debt concerns and a slowing American economy overshadowed any rumored policy stimulation.

European markets rally off two-year lows as the Stoxx Europe 600 index is up over 1% on QE3 hype. Adding to buying interest are reports that Libyan rebels entered Tripoli, sparking speculation that Gadhafi's regime is crumbling. The news caused a 3% selloff in Brent crude, narrowing the spread with WTI.

Gold hits another record high, topping $1890 an ounce -- the

SPDR Gold Trust ETF

(GLD) - Get Report

has become so popular with investors, that the ETF is $2 billion shy of overtaking the

SPDR S&P 500 ETF

(SPY) - Get Report

as the top ETF (in market capitalization). Meanwhile, gold mining stocks are reviving after underperforming precious metals for some time. Gold names like

Newmont Mining

(NEM) - Get Report

,

Royal Gold

(RGLD) - Get Report

and

Barrick Gold

(ABX)

are all trading near multi-month highs with most up over 1% in pre-market trading.

Technology stocks are positive this morning, looking to rebound from last week's selling as

Netflix

(NFLX) - Get Report

and

Baidu

(BIDU) - Get Report

gain over 3% in pre-market trading, while

Amazon

(AMZN) - Get Report

and

Apple

(AAPL) - Get Report

rally 2% behind strength in the European markets today.

Disclosure: Scott Redler is flat.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.