Delightful countertrend rally developing, courtesy of the ne'er-do-well Kraft's (KFT) better-than-expected quarter. This ultimate trade-down play -- think mac and cheese -- is finally rocking, and it is about time. Looks like Irene Rosenfeld can keep her job after all, and it is a good sign that there are more fine quarters to come.

More important, it can spur a spate of buying in the like-minded plays, so let me give them to you. First is Kellogg (K), which had a terrific quarter and isn't up enough. Nice share-take, excellent expense control.

Second is Eli Lilly (LLY), the best of the highest-yielding drug stocks and one that I find could have an acceleration in earnings. The ImClone deal looks like a good one, even as initially I thought they paid too much.

ConAgra (CAG) is cheap and can move.

Kimberly-Clark's (KMB) dividend is safe, and I like the natural gas exposure.

Hershey (HSY) reported a ridiculously great quarter -- ridiculous because no one cared and no one upgraded it. Which was absurd, given its quality and momentum.

Clorox (CLX) wrecked its own stock with crummy guidance, but I think it's cheap enough to buy.

Colgate-Palmolive (CL) reported the best quarter of the whole group, and it is without a doubt poised for more Latin American greatness. Go through that conference call, and you will be amazed at how strong this one was.