GAPPING HIGHER

In the news, Zander is out at MOT, B of A upgraded VLO, DELL trading down 9% on the heels of last nights disaster and the biggest news of all, Kudlow is bullish.

Looks like I was a bit premature on my sell the news thought yesterday as futures are ramping on the hope of Ben's rate cuts and a deal on sub prime. Next area of resistance on the SPX is in the 1,490/1500 area and just not quite sure everyone who is buying this AM will want to hold in front of the weekend. I also suspect there will be better times to buy next week as the markets rarely go straight up. Remember, volatility indexes are over sold; RSI (2) way over bought and major resistance above.