December E-mini S&Ps (ESZ14 +0.74%) this morning are up +0.67% at a 1-week high and European stocks are up +1.61% as Apple rose 2% in pre-market trading after it reported stronger-than-expected Q4 earnings results late yesterday.

These early earnings results are clearly showing, we can no longer blame the terrible weather from this past winter as the reason for retailers reporting terrible results. They are doing so because the consumer is feeling the pressure from the excessive debt that they piled up over the last 5 years