Quite A Winning Streak

Good morning. The bulls have been on quite a winning streak and this morning's headlines should help keep those bulls running. While the PPI rose +1.0% (higher than the consensus at +0.7%), the more closely-watched core rate was unchanged (consensus expected a +0.2% gain). That along with more M&A chatter (see SLM) and good news from the likes of GE, Merck, and McDonald's has the market in a positive mood.

A scan of premarket trading also confirms the bullish disposition. Notable gainers are FCSX, DYAX, CEGE, DNDN, JSDA, INFY, AMLN, XMSR, JASO, NABI, NLY, ONT, GROW, AVRX, SIRI, ASTI, TSL, SPWR, ANDS, NSTK, CTSH, MAMA, and CHINA. Meanwhile, very few stocks are trading lower and even those that are only down by an insignificant percentage. That doesn't happen very often.

How much is the good news already priced in? Good question and it is tough and impossible to know the answer. All we can do now is to take what the market is giving us and for the time being that's a lot of positive action. I'll be looking for some quick trades this morning but nothing very aggressive. Have a great Friday!