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Oil, gold, and commodities are all higher this morning, but so are the major indexes. There continues to be a healthy rotation among the underlying economic sectors, as the SPX continues to quietly stair-step to new highs. The COMP still needs to get above 2508, its high from mid-January.

Semis are trading lower on weak Natl. Semi (NSM) guidance. Biotechs are also lower, while financials are nicely higher, followed by homebuilders.

Yesterday, I made a fuss about the ISEE being above 200 during the day. But by the close, it had fallen all the way back to 146, which is an average level. So I wouldn't waive the red flag yet. There is still enough skepticism and bearish sentiment out there to support stocks on a pullback.

In other news and notes:

• Asian markets rise overnight
• Toyota posts 7.3% rise in net profit
• Saudi cuts Q4 oil supply to Asia, Iran exports more
• URBN reports Q4 sales of $360.8 mln vs $358.0 mln consensus
• Emerson beats by $0.02; issues in line FY07 guidance
• St. Joe Company beats by $0.09, comments on Y07 outlook
• Celanese beats by $0.20; raises FY07 guidance
• RTSX upgraded to Buy from Neutral at Goldman
• Int'l Securities Exchange beats by $0.04
• Garmin teams with Ford to sell nuvi navigators
• Tower Group added to Top Picks list at FBR
• Navteq added to Amtech's Focus List
• BE Aerospace tgt upped to $40 from $35 at Amtech

long BEAV, EMR, ISE, RTSX, URBN

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