The market is enjoying a nice bounce in the first hour of trading. Of course, I am always skeptical of strong market opens. McDonald's (MCD) raised its dividend by 50%, and GM got upgraded to Buy at Citigroup (C). Both of these seem to be aiding investor sentiment. Currently, the S&P 500 is approaching overhead resistance at its 50-day moving average. Let's call it SPX 1482. I think this is a key level to watch. If the market can break above this level, it could spur some short-covering on a squeeze. Oil is still near record levels, hovering just below $80. Bond yields are up a bit, with the 10-year yield at 4.44%. And Asian markets were mostly higher overnight, with Hong Kong hitting new record levels.