Rally On

Good morning. Following yesterday's impressive reversal, the bulls are feeling good this morning.

A benign PPI and a soft, but inline report on retail sales have sent premarket futures screaming higher. With this data, Bernanke is free to lower rates again - at least that's the perception. Along with very strong overseas markets, commodities are also moving higher as well as markets around the world which are in rally mode.

Premarket gainers: CSIQ, SSRX, ETFC, CDS, NSTK, JRJC, INOD, KALU, AKNS, NPSP, IMOS, DSX, TASR, CHINA, MCZ, XING, LFC, CHL, BIDU, CSUN, ESLR, OVTI, DWSN, SWPR, RIMM, GRMN, ORCL, CROX, CTRP, SNCR, FWLT, DRYS, and AAPL.

Premarket losers: DAKT, LULU, CNTF, ORIT, GIGM, EXM, LZB, MCRL, BDE, FRPT, and JSDA.

If my read on the premarket futures is correct, the resistance at 1490 in the S&P will be taken out at the open which would be impressive. Then, it will be a matter of holding that level on any weakness as we navigate the rest of the day.

After the open, we have a report on business inventories at 10:AM, the weekly oil inventories at 10:30 and some Fedspeak. Have a wonderful Wednesday!