Even though news flow was pretty light, there has still been significant action in world markets overnight and into this morning. The S&P 500 has managed to break out to a new high in the last few hours, and has been retesting its old high near 2,120 as new support while it waits to see if the Dow and/or NASDAQ can confirm the breakout or not. Overseas trading saw Asia Pacific indices rally while European indices have been trading pretty much flat. The Empire Manufacturing report confirmed that the USD has bounced back from its winter doldrums, but not as quickly as last year or as strongly as many had hoped. USD has been on the rebound this morning in what appears to be a common trading bounce within a broader downtrend. Still, the greenback stabilizing has taken some of the wind out of the markets that rallied this week on USD weakness like gold, platinum and wheat. Meanwhile, crude oil continues to drop back as traders realize the market share war continues, the US has been losing and further advances could be contained by a response from US producers. Resource currencies have also been dropping back particularly AUD, SEK and CAD. There is still the potential for more trading action through the day with more data on the US economy and US oilfield activity due later this morning and on into the afternoon. Corporate News Symantec $0.43 vs street $0.44 Applied Materials $0.29 vs street $0.28 Nordstrom $0.66 vs street $0.71 Economic News Economic reports released overnight and this morning include: US Empire manufacturing 3.0 vs street 5.00 and previous (1.1) Canada manufacturing sales 2.9% vs street 1.0% UK construction output 1.6% vs street 1.1% Economic reports due later today include: 9:15 am EDT US industrial production street 0.0% 9:15 am EDT US manufacturing production street 0.2% 10:00 am EDT US consumer sentiment street 95.9 10:00 am EDT US UofM expectations previous 88.8 10:00 am EDT US UofM 1yr inflation estimate previous 2.6% 1:00 pm EDT US Baker Hughes drill rig count previous 894