Pre-market - July 15, 2009

4...3...2...1...Liftoff! - Futures booming this morning waiting for the bell so this rocket can lift off. Intel posted better than expected earnings last night after close and this market is ready to go parabolic. The recession is over, Dennis Kneale said so. So did Merrill Lynch to back him up. Yipee! Probably 10 million jobs just around the corner. Futures at 7:45 DJIA INDEX 8,377.00 73.00 S&P 500 910.90 9.50 907.30 NASDAQ 100 1,471.50 24.75 Gold 923 0 0.03% Oil 60.54 1.01 1.70% The dollar index down .62 overnight Today's economic calendar: MBA Purchase Applications 7:00 AM ET Consumer Price Index 8:30 AM ET Empire State Mfg Survey 8:30 AM ET Industrial Production 9:15 AM ET EIA Petroleum Status Report 10:30 AM ET FOMC Minutes 2:00 PM ET We'll see if any of those can keep this rocket under 1000 today. Earnings calendar: Before market opens After market closes

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I'm of course kidding about the rocket...kind of. This market really wants to go higher. Why, I have no idea. Maybe the relentless pumping by the media, or the fact that every time people get short this market they get killed by some news that is better than expected, or the so tired and worn out "not as bad as expected." Case and point Intel. Their forward guidance is good for their global business, but the business for the United States is very modest. Which means we are not in as good as shape as one may thing. Point two - Goldman Sachs - who blew out the quarter. Considering the TARP money they got, the billions more from AIG because of they were a counterparty, and the ability to get money almost free from the government - who the hell couldn't make money. That doesn't mean everything is fine, nor will be anytime soon. Even though the cheerleaders on CNBC will do their very best to get everyone to shovel every hard earned dollar they have into the casino. Beware!