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Dollar at 7-Mo. Low; Multinationals Lifted

The S&P futures had moved a bit higher at 8:30am ET, as durable goods ex-transportation came in higher than expected (up 2 percent vs. 0.6 percent expected); headline durable goods was also a tad better than expected. Also, the prior month's 0.3% gain was revised, upward, now showing a 0.7% increase.

Some traders also noting that hedge fund manager David Tepper, on CNBC, talking bullish about the markets. He noted that the downside on the S&P was about 1100...the risk reward is on the upside.

Meanwhile, the emerging markets are doing great: Jakarta (Indonesia) and the Phillipines are at an historic high; Korea and India are at the highest level in over two years.

The dollar is at a 7-month low; that of course is helping big multinational names.

Elsewhere:

1) It's here: the world's biggest share offering. After the close yesterday, Brazilian oil giant Petrobras said it raised $67 billion. That puts its total market cap close to $160 billion, in the same league with Chevron , at $157 billion in market cap.

2) Chip maker AMD preannounced disappointing numbers yesterday after the close — revenues are expected to be down 1 to 14 percent versus prior guidance of up 5 to 7 percent quarter-over-quarter. They blame weaker than expected demand in Western Europe and North America; more evidence that the iPad may be cannibalizing PC sales, particularly notebooks.

3) KB Home became the second builder (after Lennar) to report better than expected earnings, a loss of $0.02

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