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A rally in overseas markets on news that U.S. consumers were spending more money than expected have sent markets higher. According to ShopperTrak, there was a +8.3% gain in sales on Black Friday, higher than their estimated 4-5% increase. Although shoppers seemed to spend less per person, the markets are relieved that the news wasn't as bad as feared. More reports and commentary about how the retail sales are faring is expected throughout the day.

Premarket gainers: GLYT, HOKU, CFSG, ORCC, BIDZ, SKIL, ONT, QGEN, GOLD, MICC, GLDN, TKC, CHL, VIP, CREE, CC, TGEN, KNOL, BRLC, OVTI, JASO, JRJC, CPSL, GRMN, and CSIQ.

Premarket losers: NWL, VVTV, FXP, ETFC, FMCN, SLXP, NG, RSTO, and NUAN.

With the exception of some analysts rating changes, reports of job cuts at Citigroup (C), and credit concerns at HSBC, there's not a lot to focus on and that's probably a good thing. In fact, no economic reports or Fed speeches are scheduled today and it isn't really until the middle of this week before we receive any news about how the economy may be doing now beyond relatively high speculation over holiday retail sales.

The combination of oversold conditions, positive news on any front, and end-of-the-month window dressing should help the markets stabilize, if not rally this week. The only thing that will derail it, in my view, is more trouble in the credit markets that goes beyond what is already anticipated and/or bad news on the retail front. There's a fear now that some companies may have delayed bad news until after Thanksgiving so traders will be monitoring the newswires very closely for any indication that fear is valid. Likewise, if nothing new big or bad happens, they'll turn their sights to expectations for a end-of-year rebound with stops set at last Wednesday's lows.

Let's make it a great week!