PRE OPEN

Futures are ramping higher on the heels of the surprisingly benign CPI report. Before one gets too excited, remember, the rips have been excellent shorting opportunities and in front of the weekend - don't be surprised if that is the case yet again.

Technically, the bulls will tell you the 1.270 double bottom is in based on yesterday's turn around - bears will mention that 1,330 on the SPX has been a very difficult area to bust above. On top of that, FIB 23.6 level at 1,342 area and if they can get through there, the down sloping 50 SMA sits at 1,355- bottom line plenty of resistance above. Further- we are back in the middle of the 1,370/1,270 trading range.