Is the market ready for another push higher?

Morning News of Note:

• MSFT: Microsoft Revamp For Online Push Gains Urgency Microsoft Corp. Chairman Bill Gates has endorsed a radical reshaping of how his company develops software and services, citing an internal memo that says much about the challenges Microsoft faces, and underscores the rise of an emerging technical leader at the company. In an email dated Oct. 30 sent to top Microsoft executives and engineers, Mr. Gates said the software giant needs to better address technologies and trends that are fueling a new wave of money-making on the Internet. (Full Story) WSJ
• FSH: Fisher Scientific-FSH raising est on lower tax rate, reit Buy@MLCO The firm is raising 05E by 05c to $3.55. 2006 guidance is "at least $4.05" vs. expectations of $4.00. Firm expects shares to react positively.
• L: Liberty Media Picks as Next CEO A Departing Officer From Oracle Liberty Media Corp. has chosen Gregory Maffei, Oracle Corp.'s departing co-president, as its next chief executive. Liberty announced today that Mr. Maffei, 45 years old, will join the Englewood, Colo., media company as CEO-elect. (Full Story) WSJ
• US Economy: ABC/Washington Post consumer confidence wk end Nov 6 (19) vs (21) wk ago (Tuesday)

Market Comments: The market is relatively flat at the open. Oil prices are down near $59 on a report that inventories are higher than expected. This has the energy stocks selling off again. Bond yields are higher at 4.61%, which may be keeping a lid on stocks so far. The SPX is consolidating above its 50-day average, and looks like it is getting ready to break out of this range. If so, that could trigger a run towards the years highs (1245).

Two stocks that I have mentioned before (HANS and FSH) both reported very strong earnings, and the stocks are gapping higher this morning.

long MSFT