S&P 500 Hits 1500 Level

You're going to hear all day about how the SPX hit the 1500 level. So let's get it out of the way. Like the Dow hitting 13,000, it's just a round number. The SPX really needs to get above 1550 to surpass its all-time highs from the year 2000. That would be a much more meaningful headline.

The markets are getting a small bounce in early trading, after a very solid day yesterday. Earnings continue to come in better than expected, and with good economic news coming in, there isn't much that can keep this market down.

This morning, the ISM Services index came in strong (56.0 vs. 53.0 consensus), and a key inflation report (unit labor costs) rose less than expected. That is good news on the inflation front. Oil is also falling again today, now hovering below the $63 level. The 10-year yield is up slightly to 4.67%.

EXPD reported strong earnings this morning, and made positive comments on the economy. They have a good handle on the global economy at large, so their outlook is important. On the flip side, GM reported weak results (I know, shocking) on large losses at GMAC amid all the subprime weakness.

long EXPD