12:45pm (EST)

Financial stocks are leading the market higher as the bulls are trying to rally off the lows.

We have a million things to talk about and we will address those in the Weekly Wrap on Sunday but for now we are just going to do a quick update. 

At midday, the Dow is up 108 points, to 10,176, while the S&P is advancing 15 points to 1,087.  The Nasdaq is showing a pop of 33 points and is at 2,237 as we head to press.

Goldman Sachs (GS, $143.00, up $6.90) is surging on rumors that they could be close to reaching a settlement with the SEC.  Also, if the financial reform bill gets passed, look for this one to surge.

Goldman Sachs (GS) 30-minute Chart

Goldman Sachs (GS) 30-minute Chart

The close will be interesting.  Will the bulls hold or will there be a sell-off as nobody wants to be long over the weekend?

We are closing a few more trades today to lock in profits and we will look for some fresh plays on Monday.  Subscribers, check the Members Area for the important updates. 

Have a good weekend everybody and here’s to a GREAT week!  Write us with your questions, comments, or concerns and we will get them answered.  See ‘yawl Sunday night!