Ready For Another Leg Higher?

The market is getting a pop at the open. The SPX just made a new high, while the COMP looks poised to breakout from its three week tight consolidation. I sense another short squeeze in the works.

Oil is trading up, above $62, boosting the energy complex. The 10-year yield is also a bit higher at 4.59%.

Semis, biotechs, and retail are strongest out of the gate so far. Materials are lagging.

In other news and notes:

• Big SIRF customer finds second source for chips
• ZMH offers conservative guidance
• PPDI mentioned in Barron's Online
• GE wins $1B Saudi gas turbine contract
• Asian markets strong overnight
• LEH beats EPS by 4 cents
• Jeffries starts STP with Buy ($38 target)
• DRIV downgraded to Neutral at Credit Suisse
• GERN down on stock offering
• HLT target upped to $45 at BofA
• RTSX target upped to $40 at Needham
• Amtech raises RIMM target to $175 ahead of qtr
• STEC profiled in IBD

long GE, SIRF