Strong Housing Data Helps Boost Stocks

The market opened on an up note this morning, on the heels of rallying stock markets around the globe. But it got an additional boost on a stronger than expected housing report.

Asian and European markets rallied overnight, with many up by more than +1.0%. The Yen is also lower vs. the dollar, aiding sentiment.

This morning, the pending home sales index came out much stronger than expcted (+0.7% vs. -0.3% consensus). This is good news, as the housing industry needs to have a strong spring selling season to avoid another downleg, imo.

Oil is also trading lower this morning, now down by more than $1.50 to below $64.50. This comes as tensions with Iran seem to be easing. Lower oil and improved geopolitical signs should further bolster investor sentiment.

The Nasdaq 100 is already up more than +1.0%, as are some of the major industry groups such as the brokers, biotechs, and retailers. I don't really like strong opens, as you know, so we will have to see if the strength can persist until the close.