Second Rally Attempt

Good morning. Premarket futures indicate that we're going to see another rally attempt at the opening bell.

An inline CPI, better than expected earnings from a number of well-known companies like Intel (INTC), JPMorgan Chase (JPM), Coca-Cola (KO), Wells Fargo (WFC), and more bottom talk in the financials are motivating investors to adopt a glass half full mentality. While housing starts remained weak, investors don't seem to care about this news since they're looking for anything that confirms their hope that the worst is over.

Overseas markets are also higher, except in China after they raised their reserve requirements at banks following a stronger than expected GDP report. For what it is worth, CPI reports in Europe came in higher than they expected.

Premarket gainers: POZN, CVTX, SORC, BMI, INTC, AKNS, LNN, BMI, FEED, POT, ANSS, ISRG, SIGM, CSX, KO, ADTN, ZOLT, LOGI, NVDA, CF, AGU, JCI, FCTR, MEDX, ISRG, GERN, FDP, AMG, MICC, NOK, MOS, NITE, JPM, and RIMM.

Premarket losers: SMI, HCSG, EWBC, FRNT, FTE, STX, ISIS, HBAN, AINV, NCOC, WMS, NTRI, BLK, PJC, LSI, LXRX, and MBT.

After the opening bell, we have the 10:30 Petroleum Status Report and the 2:PM Beige Book, both of which will likely be market movers along with lots of earnings after the closing bell. From my perspective, any true rally attempt should be able to overtake 1360 in the S&P. We'll see if they've got the power to do it. Have a great day!