Markets worldwide are in rally mode as confidence builds that Bernanke has saved the economies and markets around the globe. While investors were greeted with more bad news on the housing sector as both housing starts and building permits were weaker than expected, a better than expected CPI has helped assuage the news. Even oil prices topping $82 a barrel for the first time ever hasn't dented investors' confidence. At 10:30AM the weekly EIA Petroleum Status report will come out.

Premarket gainers: LEND, INTX, RNVS, NTWK, ALNY, ASTI, NVDA, PLXS, AAUK, IDEV, FDRY, GOLD, GROW, CREE, DBRN, HOKU, CHINA, ETFC, BEAS, BIDU, LNUX, ATML, GHM, AMTD, GRMN, DRYS, TASR, RIO, MPEL, RIMM, JDSU, FCX, RIMBS, and AAPL.

Premarket losers: CWCO, PWAV, EGLE, NICE, TARR, BOBJ, SNDA, and XMSR.

With the Dow, S&P 500, Nasdaq, Russell 2000 moving above key resistance levels, those same levels have now turned into short-term support. The hope is that after the optimism fades, the shorts have covered, and more bad news surfaces that the market will come in and fall back to yesterday's levels (like S&P 1490-1500). That may happen several weeks ahead, but the bulls have full control now and I think they're going to make every attempt to run back to the summer highs if not well beyond that. At this point, I'm doubtful the market is going to let you in or feel comfortable in putting money to work, so if you're looking and waiting for that you're going to need to don your patience cap for awhile and expect that later on you'll likely be forced to buy in at higher levels.

We're in rally mode and the bulls are going to press. Yesterday was only the beginning.