Strong Bounce At The Open

The market is rallying in early trading. Strong earnings from PG were well receieved, and the news in the medical space about the CMS reimbursement rates is helping the medical device stocks (MDT, BSX, STJ, etc).

GRMN has a strong report in the tech sector, and is helping other GPS stocks and the chip sector. GOOG is still under pressure. The energy complex is also higher again today, as oil and natty gas are both up slightly.

The 10-year yield is slightly lower at 4.98%.

The SPX needs to get above near-term resistance at 1280 to have some running room. Otherwise, it is likely we will remain rangebound ahead of two key upcoming datapoints: the Friday payrolls report and next Tuesday's FOMC meeting.

long GOOG, MDT, PG