Bulls To Bears: Here's Your Wake Up Call

Bullish traders are urging the bears to "Wake Up" today, they say to notice that:

1) Stock pullback this week has been modest, techs have been leaders

2) Bonds keep rallying

3) Oil does not rise, despite Georgian conflict

The story from the bulls:

--inflation is peaking, and that will ease P/E pressure on stocks;

--the U.S. economy is weak, but Europe is weaker;

--the U.S. is further along the economic cycle than anyone else in the world; the U.S. lowered rates before everyone, and the U.S. will eventually raise them before everyone else

--the dollar rally continues; traders are buzzing that longtime dollar bear Goldman Sachs put out a note this morning titled, "Calling a bottom in the dollar."

As a result, consumer discretionary stocks are up today, so autos, home builders and retailers are up, as are financials.

Questions? Comments? tradertalk@cnbc.com