You might want to take some Dramamine with that green beer. Stocks are going to take a dip in the early going, though a number of converging factors could make for some volatile swings as the session wears on.

Let's start with this morning's

Consumer Price Index. The

Labor Department

said that the headline CPI gained 0.5% overall in February, a tenth of a percentage point above the consensus estimate of economists polled by

Reuters

. The core rate, which excludes food and energy prices, rose 0.2%, matching expectations and steady with January's pace.

Stock futures initially came off their lows on the news, but have since regressed. At 9:05 a.m. EST, the

S&P 500 futures

were down 7, about 3.5 points below fair value and indicating some early selling for the broad market. Things looked modestly negative for the big technology stocks, too. The

Nasdaq 100

futures were lately down 24.5 points.

The bond market didn't move much on the CPI. The 10-year note was up 3/32 to 101 30/32 and yielding 6.234%.

Nothing changes minds like performance. The sheer scale of this week's blue-chip rally is making believers of a lot of people who a week ago couldn't imagine any good reason to buy "Old Economy" stocks. But most agree that the market's ability to sustain its latest trend will depend on some sense that the

Fed

won't continue hiking interest rates indefinitely. So news that inflation remains in abeyance is key.

Still, a third straight up day could be a tall order for the broad market, which is sitting atop some extremely impressive gains right now. The

Dow Jones Industrial Average

has added 819 points since Tuesday, a two-day record. The

S&P 500

, meanwhile, has risen nearly a hundred points. That could be more than enough reason to take some profits.

"After two monstrous up days, I'm going to make the easy call and say we take a breather," said Bob Basel, director of listed trading at

Salomon Smith Barney

.

Add to all this today's

triple-witching, which marks the quarterly expiration of stock options, index options and index futures. Historically, triple-witching gives a positive bias to the market, but at the very least, some wild moves could be in order.

"We'll see a lot of volume because of triple-witching, a lot of activity in the morning," Basel said. "But people are worn out after the week we've had, and I think it'll be quiet in the afternoon."

After spending most of the day in positive territory, the large European indices were pulling back in afternoon trading. The Paris

CAC

was up 28.66 to 6287.19, well off its session high. Frankfurt's

Xetra Dax

was down 6.8 to 7577.16, while London's

FTSE

was off 48.5 to 6508.7.

The euro was trading at $0.9676.

Asian markets boomed overnight. The real fireworks were in Hong Kong, where the

Hang Seng

exploded 723.99 higher, or 4.4%, to 17,082.99. Tokyo stocks surged, too, with the

Nikkei

climbing 313.09 points, or 1.6%, to 19,566.32. Sentiment in Japan was helped there after the

Economic Planning Agency

said the nation's economy showed signs of an autonomous recovery.

After trading around 105.96 yen in Tokyo, the dollar lately stood at 105.62 yen.

In Taipei, where investors remain nervous about the outcome of tomorrow's presidential election, another buying spree from the government's market stabilization fund helped Taiwan's

TWSE

index close up 80.51 at 8763.27.

For a look at stocks in the preopen news, see Stocks to Watch, published separately.