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.

As many of you know, the major indices are at a pivotal, well …pivot. The SPY, IWM and others are in a position to retest the swing lows set in January 08.

I won’t be the first to say it, but certainly won’t be the last… it may be time to get long.

Quick tutorial on how to interpret the CBOT's Fed Funds 30 Day Futures price.

Dow futures dropped 520 points early Monday morning as foreign investors are fearing a US economic slowdown. I'm about 85% cash right now and will not risk trading in such a volatile market.