11:50pm (EST)

The market moved higher last week on three of the four days we traded.  The bulls got a big lift when it was reported that weekly jobless claims fell to 26,000 to 550,000, versus expectations of 560,000.  However, jobless claims are still high which means unemployment is still headed for 10%.  Perhaps this is why the market traded lower on Friday as the froth settled.         
Still, the bulls took the market higher as the Dow added 164 points, or 1.7%, to close at 9,605.  The Nasdaq jumped 3.1%, or 62 points and finished at 2,080 while the S&P gained 26 points, or 2.6%, and is resting at 1,042.  
I mentioned how the bulls were shooting for Dow 10,000 and this week is options expiration week.  I don’t know if the fireworks are there to make a push this week but stranger things have happened during the closing of front-month options.  There may be some high risk/ high reward cheap out-of-the-money plays this week so make sure you check the Members Area every morning by 9:00am.  
Earnings this week:
Monday: Pall (PLL, $32.34, up $0.74), Peerless Manufacturing (PMFG, $11.05, down $0.53), Sycamore Networks (SCMR, $3.23, up $0.02). 
Tuesday:  Adobe Systems (ADBE, $34.65, up $0.63), Best Buy (BBY, $39.76, down $1.29), Cracker Barrel Old Country Store (CBRL, $31.53, down $0.05) and Kroger (KR, $21.78, down $0.22). 
Wednesday:  Apogee Enterprises (APOG, $13.75, down $0.17), CKE Restaurants (CKR, $10.27, flat), Dress Barn (DBRN, $17.79, up $0.01), Dynamex (DDMX, $16.67, down $0.21), Herman Miller (MLHR, $17.92, up $0.31) and Oracle (ORCL, $22.86, up $0.10).
Thursday: Discover Financial Services (DFS, $14.71, up $0.24), FedEx (FDX, $77.32, up $4.66), IHS, (IHS, $52.73, up $1.37), Palm (PALM, $13.91, up $0.16) and Somanetics (SMTS, $13.72, down $0.03).
Friday:  Nothing much in this area. 
I’ll be back in the morning with the trade updates and a fresh outlook for the week.