Good news this morning, giving the bulls some legs.

"Inflation pressures eased a bit in April despite the biggest jump in food prices in 18 years. The Labor Department reported Wednesday that consumer prices edged up 0.2% last month, compared to a 0.3% rise in March.

Wall Street is rallying today, led by strong first-quarter results from JPMorgan, Coca-Cola and Intel that all topped projections. This is a wild reversal from last weeks earnings reports, giving the market a 150+ bps increase in afternoon trading.

CPI report came out a few minutes ago showing core inflation, ex-food and energy I believe, remained unchanged in February. This allows the Fed to cut interest rates further next week if they deem it necessary. Everything I said about doom-and-gloom a couple of days ago can be tossed out the window.