Strong Bounce in Early Trading

The market is opening on a positive note. The housing data came in a little better than expected, causing for another call that the worst of the housing slump is behind us.

Oil prices have fallen further, breaking below $61. This is weighing on the energy complex. For its part, the 10-year yield is up a bit to 4.61%.

The dollar is down today on news that the United Arab Emirates is looking to diversify some of its holdings away from the dollar.

The NYSE opened 2 minutes later this morning to observe the passing of Gerald Ford. I met him once when I was young, skiing in Beaver Creek, and he was very friendly. I know this doesn't speak to his political accomplishments, but it is a memory that sticks with me.

In other news and notes:

• AAPL gaps lower on faked documents rumor
• SEC starts formal options probe on UNH
• Asian markets strong again overnight
• STP featured in IBD
• ICE target raised to $125 at BofA
• NEW falls after declaring dividend

long AAPL