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Futures Up All Night

Nothing matters! Futures up all night, just off the highs of the morning.

Since the market hit its highs in mid-February, the Dow Industrials has recovered 66 percent of its losses; it's now only 2 percent from a new high.

This pleases bulls and baffles most others. Nothing matters: oil, silver, and gold at new high, weak dollar, Portugal likely to seek a bailout, a big protest tomorrow in Yemen, Gaddafi hanging tough, radiation fears in Japan. None of it seems to matter.

Traders, pressed to explain this, fall back on two observations, which I have used with a dulling regularity all week: 1) the macro story is what matters, and that story is global growth and reconstruction, and 2) we are approaching the end of the quarter; flows in the beginning of April should be strong, especially given the disgorgement out of the bond markets.

Elsewhere:

1) February Durable Goods, down 0.9 percent and down 0.6 percent ex-transportation, were well below expectations, but initial jobless claims continue to show slow, gradual improvement.

2) BestBuy up 3 percent pre-open, Q4 earnings of $1.98 (ex-items), notably better than the $1.85 consensus, revenues in line. Guidance for 2012, at $3.30-$3.55, is toward the low end of expectations of $3.56

3) Micron trading up 6 percent pre-open, reported Q2 earnings of $0.07, better than the expected $0.04; topline was surprisingly strong at $2.26 billion. The key with Micron is pricing: DRAM average selling prices are expected to be flat quarter over quarter, while NAND Flash average selling prices might increase 2 percent on higher demand for smart phones. In MU's world, that is good. The impact from Japanese suppliers mixed.

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