Pre Market

The markets in Asia and Europe are bullish .

The Consumer Price Index rose less than forecast indicating that inflation may be under control. Gasoline and food had the big increases.

Ben Bernanke is speaking in Atlanta today at a monetary policy conference. The mix of Bernanke and good CPI numbers could be steroids for the bulls today.

The Nymex is up big in pre market as it explores options to sell itself. NYSE Euronext, Deutsche Boerse AG or Chicago Mercantile Exchange Holdings Inc are the potential suitors.

Hansen Natural the maker of Monster energy drink, is surging in pre market as it gets a Goldman Sachs upgrade. I've been a big buyer of HANS following the Coca Cola decision to buy Vitamin water. This stock has a lot of upside.

How much do you pay for luxuries ? How the super rich are taking it to new levels. Companies like COH TIF LVMHF are some of the plays here.

OXPS is a stock I am keeping a close eye on. Based on trading volume, option activity and chatter, there is indication they may get a takeover bid.

Pre market futures are indicating a bullish market open.

MARKET RECAP

The market surged to the upside after 2:15pm ET following the Fed decision to leave rates unchanged. The tone across the board was very bullish and strong volume accompanied the up swing. The Dollar dropped sharply against major currencies while commodities rallied including big moves in Gold and Oil.

I started the day biased to the bearish side via my numerous double inverse ETFs- QID, SDS, DXD, MZZ and TWM. Following the Fed announcement and gauging the bullish market reaction, in the space of 4 minutes I proceeded to sell all those inverse ETFs while adding to the double bull ETFs- QLD, DDM, SSO, MVV and UWM. My best performing longs included SNDK, MU and OXPS. My Euro and Gold positions did well too. The portfolio finished the day considerably higher with a large factor being the post 2:15 switch from the bearish to bullish ETFs. On a day like this, its best NOT to argue with the market. I can be bearish or bullish but ultimately, one needs to follow Mr. Markets direction to make money. How much upside we have is anybodys guess but, todays strong bullish action suggests, we may still have room to move up.