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Good morning. The market looks primed to try for additional gains today after oil prices continue to fall, the dollar rallies after Goldman Sachs declared the dollar has bottomed, and several retailers reported better than expected earnings. Later this morning, we'll receive data on net foreign purchases of U.S. assets in June, industrial production for July and the University of Michigan consumer confidence index for August. The Empire State Manufacturing Index came in better than expected.

Premarket gainers: ABK, IRF, MBI, PMI, SPWR, ADSK, EMKR, ARTC, FFHL, DAR, UAUA, SOLF, APP, CSIQ, NWY, NWMO, LEH, CY, GOAM, GU, CAJ, KSS, PCLN, CRX, & KSS.

Premarket losers: HAR, AU, AAUK, GOLD, SWN, GSS, SLW, CDE, HL, PTRY, AIB, AUY, WNR, ERIC, ANF, VISN, BQI, KSP, SA, & KGC.

According to Bloomberg, companies in the S&P 500 that are reliant on discretionary spending have surged +6.6% this week as traders speculate that lower oil prices will stimulate consumer spending. In fact, the market seems to be adopting the view (although with reluctance and doubt) that equities are primed for a tremendous rally in the second half of the year as commodities enter bear markets. Meanwhile, astute investors are keeping a close eye on new leadership groups that will likely form in further upside moves. Strength in the discretionary spending sectors recently, which is typically one of the fastest groups to recover after an economic slowdown, is a positive sign in my view.

Technically, we still want to see that S&P 1300 level taken out again and held on any subsequent retest. Have a wonderful Friday!

* Yesterday the movers unloaded the truck and we're now in the process of getting settled in just in time for my wife to begin her job in a couple of weeks. If all goes well, my goal is to return to normal posting starting on Monday, August 25th. Thank you for your patience during these past few weeks. I very much appreciate it and I'm excited to return to the routine and focusing on the market and trading full time very soon.