Stock Market Futures Up Huge Today -- Why? Oil at $108, Flat, But Appears Ready to Spike

The market never fails to surprise me. With all the bad news one would expect the market to fall, and fall significantly.  But that isn't happening.

But what happened between yesterday and today that might explain the fact that futures are up huge?

• The government is a step closer to shutting down, and this time around, Americans seem not concerned
• The Senate voted to rescind key components of ObamaCare that would have devastated small businesses

All things being equal, it was the Senate action on ObamaCare that moved the market. Whether one is for, against, or "no opinion" on ObamaCare, the fact is that there were some components of the bill that were going to wreak havoc on the business sector. Everyone knew the House would vote to remove the components, but there was doubt about what the Senate would do. These early Senate votes speak volumes and the market likes what it sees.

By the way, those who read tea leaves see this Senate vote as more than just about ObamaCare.

By the way, what's the most important word in the lead paragraph of the linked story?

Congress on Tuesday revoked the first significant parts of President Obama's health care initiative when the Senate voted overwhelmingly to eliminate a burdensome tax paperwork requirement the law imposes on businesses.

The most important word in that paragraph: overwhelmingly.

And that's why futures are up "huge" today.

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The market futures are up despite:

• Japanese nuclear disaster months from being controlled; meanwhile radioactive waste surging into ocean
• Libya seems to have turned into a drawn out civil war
• Price of oil in a $108 trading range, and America's driving season yet to begin
• Government shutdown more and more likely
• US deficit, budget, financial picture as bad as it's ever been and getting worse
• Housing market with no signs of life