Lots of good news has stocks soaring

The day began with a Reuters report that troubled Lehman (LEH) might be bought out (or at least would receive a significant investment) by the leading Korean Bank which wants to become the #1 bank in Asia. This report sent LEH up 1¾, very good for a low priced stock. Details have not been announced, just the idea was good enough to lift stocks. Then Ben Bernanke, Chairman of the FED, said in a speech that inflation outlook was "uncertain" & the FED would be there to lend a helping hand (if needed). A key statement was:

The Federal Open Market Committee "is committed to achieving medium-term price stability and will act as necessary to attain that objective," Bernanke said.

If that wasn't enough oil prices fell, partially related to strength in the dollar after its recent couple day decline:

CLV08.NYM

Crude Oil Oct 08

119.05

2.13 (1.76%)

As shown on the right the Alerian MLP index is up 4 to 268. That strength is more puzzling as the 2 Dow oil stocks are only even on lower oil prices.

On all this "good" news, Dow is up 147, advancers more than double decliners and NAZ is up 22. However, they pulled back from the highs. Banks took the news well:

S&P 500 FINANCIALS INDEX

Value-272.56___Change-up 3.82___%Change-up 1.42%

Day traders may cash out by day's end, let's see if they listen to me.