German Ifo + Spanish Auction + Housing Starts x Light Volume = Face Ripper .

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The Dow is up 250 points, the S&P is up 2.2%, and the Nasdaq is ripping 2.3% higher out of the opening gate.

Bank of America is back safely above $5 a share, up 3% to $5.15 at last check.

The euro is back safely above $1.30, up 0.9% to $1.3124 at last check.

The reasons: A decent German Ifo sentiment reading, a successful Spanish bill auction, better-than-expected housing starts, and wafer-thin volume.Read More.