New York, Jan 11^th (TradersHuddle.com) – Futures point to a significant higher open as Wall Street seem poised to join a global rally, spurred by Chinese trade data that showed imports soaring. Commodities gained and the Dollar turned weaker.

China reported a 55.9% increase in December imports and supplanted the U.S. as the world’s biggest auto market.

Today the earnings season gets officially started, as Dow component Alcoa (NYSE:AA) releases its numbers after the closing bell. The earnings from the aluminum producer will help set the tone for the rest of the week ahead, as investors expect for companies to move out of the biggest profit slump in years. Alcoa may report a profit today after a year-earlier loss, benefiting from higher metal prices as the global economy recovers.  

Crude oil was moving higher at close to $84 a barrel as Chinese imports gained and cold weather grab much of Europe and the U.S.

Today Stocks to watch: BHP Billiton (NYSE:BHP), Chevron (NYSE:CVX), Corning (NYSE:GLW), Ford (NYSE:F), Freeport McMoRan (NYSE:FCX), Hughes Communications Inc. (NYSE:HUGH).

BHP Billiton (NYSE:BHP), the world’s biggest miner was advancing in London trading as basic resources stocks rallied on the back of the Chinese data showing that the engine for growth will help the global economy out of the worst recession since World War II.

Chevron Corp. (NYSE:CVX), the oil producer and Dow component gained in pre-market after it was upgraded to “buy” at Citigroup Inc. on a forecast for higher oil prices. The oil producer will also benefit today as crude oil prices are moving higher on Chinese trade data and on colder weather that blanketed much of the U.S. and Europe.

Corning (NYSE:GLW), the world’s biggest maker of glass for liquid-crystal displays jumped more than 4.5% in pre-market after it was raised to “buy” from “hold” at Deutsche Bank AG.

Ford (NYSE:F), shares of the only U.S. automaker that did not received any bailout funds will be in focus today, as the widely followed Detroit Auto Show gets underway. Electric and hybrid vehicles are likely to grab the lion's share of the attention. Ford recently reported market share gains as it solidifies its position as the best U.S. based car maker.

Freeport McMoRan (NYSE:FCX), shares of the copper and gold producer were trading higher in pre-market,  as copper for delivery in three months was jumping 2.75% on the London Metal Exchange.

Hughes Communications Inc. (NASDAQ:HUGH), a report from Barron’s over the weekend stated that the company may rise to $35 during the next year as more airlines equip their planes with high-speed wireless Internet systems, citing James Ratcliffe, an analyst at Barclays Capital in New York.