9:00am (EST) Futures are pointing to a slightly higher open today, as the bulls look to resume this week’s rally after a slight pullback yesterday. Overseas markets were mostly higher this morning and the economic data has been better than expected this week. The bulls are still eyeing Dow 10,000 and at this point is almost seems to be a given. Ahead of the bell, Dow futures are up 30, S&P 500 futures are up 3, while Nasdaq futures are up 6. Palm (PALM, $14.44) should be pretty active today after reporting quarterly results that topped Wall Street’s estimates. After the close yesterday, shares fell 7% as nervous investors mulled the earnings report and the 16 million share offering the company announced as well. However, the stock rebounded once investors sifted through the numbers and at one point the stock was up 7%. Palm beat their number by 14 cents and guided higher for fiscal year 2010 but I see nothing to get excited about. Palm shipped a little over 800,000 smartphones during the quarter which exceeded what many analysts had expected but most whisper numbers were hoping for a million units. The recent rally has left many on Wall Street confused because almost everyone has been calling for a pullback. Well, I don’t work on the Street but this is what I’ve learned. Every market is different and the old saying the market hurts the most people when most people are in the same boat. A lot of short-sellers have had their lunches handed to them because they have been calling for a September pullback. But you have to trade the tape, folks. As much as the talking heads were saying September was going to be a bad month…I have profiled 8 trades so far in September, all of them have been on the winning side and only one has been a put option trade. There are times when the market will be looking for direction and that is often the time we may miss a few trades. But if you can get a feel for market direction it’s pretty simple. You buy call options in a bull market and put options in a bear market. Many of you were not with us last year but I profiled a ton of put option trades during last year’s market crash. My point is, until something changes, the trend is our friend. Subscribers, check the Members Area for the current trade updates. Apple (AAPL, $184.55) and Dendreon (DNDN, $28.90) were hot yesterday and have returned some monster gains for us… Rick@MomentumOptionsTrading.com]]>