6 gut checks before the market opens

Need to Know MARCH 15, 2013 6 gut checks before the stock market's opening bell By Shawn Langlois   Good morning. Next stop: 1992. That's the last time the Dow has strung together 11 straight sessions in the green. It's also a price level that the S&P, which should break through its 1,565 high today, could end up taking out if this steady march continues. With bullish sentiment rising at a pace not seen in three years , an economy on the mend and a four-year bull market that's signaling an upbeat fifth year , there's no reason to believe this freight train will stop here. It's triple-witching Friday, which historically punctuates a strong trading week . But let's not get carried away, says Eddy Elfenbein , telling us what we should already know -- but might be ignoring. "Sure, it's fun watching your stocks go up each day but we have to temper our expectations. Markets don't always do what they're told. Remember that since this bull market started four years ago, the S&P 500 has fallen by 10% three separate times," he wrote. For now, they ARE doing what they're told ahead of a pipeline of economic data that will likely reverberate across markets. Key market gauges: The Dow isn't done yet, as futures  are moving higher. A big start for Italy's FTSE MIB is fizzling as is the initial broad advance in Europe . Asia  enjoyed a mostly upbeat day , thanks to a 1.5% jump to near five-year highs on the Nikkei . Read: Stock futures up; jobless claims drop . The new-high refrain may be getting monotonous, especially if you're not participating on the long side, but, as this tweet advises, you might as well get used to it: Tired of "Dow at another all-time high" headlines yet? When Dow hit a new high during past 30 years it did so 25 more times that year on avg — Jeffrey Kleintop (@JeffreyKleintop) March 7, 2013 Today's batch of economic data, which includes what Deutsche Bank calls the "two most important drivers of gold prices" could shape the trade in the precious metal  .  "Over the near term, we believe that gold appears to be stabilizing between USD 1,570/oz and USD 1,625/oz; a similar range to mid-year 2012. We expect that gold and silver could remain relatively moribund," analyst Xiao Fu said. The economy: U.S. consumer prices jumped up 0.7% in February , narrowly higher than analyst targets and notching the biggest gain since June 2009. A 9.1% increase in gasoline prices -- also the largest jump since June 2009 -- accounted for almost three-fourths of the gain. Prices for food rose 0.1%.The core CPI, excluding food and energy, rose 0.2%. Analysts had expected the overall CPI to increase 0.6%, and for the core reading to increase 0.2%. Read: Is QE working? An economic debate . The buzz: Samsung  fired a shot heard around the tech world at rival Apple  yesterday, and it'll be ringing out heading into the weekend. Read about why RaginCajun is worried his Apple position is about to be stopped out. "WAKE UP, Mr Cook? Your iPhone looks like a small toy," he wrote. That stop will have to wait a bit. Legg Mason Chairman Bill Miller took to CNBC this morning to sing Apple's praises and the stock is up more than 1% premarket. Jamie Dimon's alleged monkey business is a top story on Google, and the backlash seems to be weighing on J.P. Morgan's stock , which is down more than 2% premarket. Goldman Sachs  shares are under some pressure, too, after both firms were asked to resubmit capital plans by the Fed in six months. Top-trending tickers on Market IQ include Ulta Salon Cosmetics & Fragrance , which is getting hammered in extended trading after earnings came up shy , and Aeropostale , another victim of a tough report . Back to the banks. The Federal Reserve didn't object to Bank of America's payout plans to shareholders and the company followed up by announcing a $5-billion buyback plan and a redemption of about $5.5 billion in preferred shares. The stock  is up some 4% before the bell. The chart of the day: A natural gas breakout is in the offing, according to this chart from Kimble Charting Solutions . Fundamentally, prices could be poised for further gains, as well. "Demand on a massive scale is coming," said Kevin Kerr, CEO of Kerr Trading International. Read why nat gas is the commodity market's "sleeping giant." natgas The call of the day:Like natural gas, oil prices should keep rising as "unprecedented money-printing" paves the way for "elevated inflation." One of the biggest beneficiaries will be energy giant Chevron , according to Seeking Alpha's Tim Travis . In fact, he sees the stock reaching $180, up about 50%, in four or five years. He said that performance "isn't amazing, but the total return factoring in dividends would be quite attractive on a risk-adjusted basis." Random reads: "Where does a rich man live? Wherever he wants to." That's a comment attached to a story on the Economist's View blog questioning whether the wealthy really leave in droves amid big tax hikes. March Madness, ETF-market-nerd style . Who knows, you might even run into the adorable Mila Kunis over there, considering her penchant for investing these days. Watch her talk about her recent foray into stocks (massive sell signal?) on CNBC: Cleaning your toilet with Coke and 19 other spring cleaning tips . Post-London damage control as the Biebs busts through the 140-character limit to tell his side . And remind us that he's only 19 and already has five number one albums. Need to Know starts early and is updated as needed until the opening bell, but sign up here  to get it delivered once to your e-mail box. 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