Stocks Shake Off Weak Employment Report In Early Trading

The market is strong out of the gate. I don't want to sound like a broken record, but you know how I feel about strong opens.

There were more solid earnings reports this morning. You can check out TWX, RIG, YUM, and RIG, just to name a few. There was also another buyout this morning. The Dolan family confirmed it will buy Cablevision (CVC) for $10.5 billion. This is about 20% higher that the family's previous offer. And yesterday, Dow Jones spiked +50% higher on speculation that News Corp (NWS) may start a bidding war for the company.

On the economic front, the ADP employment report was fairly weak, and would imply that this Friday's payrolls figure comes in below the consensus of 100,000. But bond yields are flat, with the 10-year at 4.65%.

Asian markets were higher overnight, and oil is lower again today after a sharp reversal lower yesterday. It is hovering closer to $64 now. (see chart of USO above)

The market continues to defy the bears, and work its way higher. Remember that price is the final arbiter. Sitting there and asking "why?" will just cost you money.