Let me be the first to call it - I think we're going to have a few good days, then reality will set in once again. Reality you ask? Oil is approaching $75 again, and this is the why the fed needs to reduce inflation pressure. They'll stick to they're plan, unless oil backs off for some reason (in the next month doubtful? look at yesterday's reserve reports, plus hurricane season, etc.) I think the markets are finally to have a straightforward message, but that'll wear off. I can't believe after this rate hike the housing stocks actually jumped back up. All I can attribute it to is blind fund buying. They're (housing stocks) situation is no different now that this report is out - interest rates are still elevating and the market is soft. Now if Bernanke dropped rates a half percent, then I think that would be another story. But its not. A few days of buying mania will be followed by reality setting in that nothing changed, except the dollar just weakened nearly 1% in a day - then back to (bear) business as usual. I bought an SLB 62.5 straddle today right before market close -- I honestly don't know where this is moving, but its going somewhere.