12:20pm (EST)

The market opened lower to start today’s trading as European debt concerns continue to weigh on the market.  Although Ireland got a lifeline, the bears believe the bailout will not be enough to stabilize the region and are now looking for Portugal needing one.  However, these problems have been well known for some time so the bulls are trying to downplay the drama.

Tech has shown some strength and is trying to hold the breakeven line while the Dow and S&P 500 have been stayed in the red for much of the session. 

As far as specific stocks, Green Mountain Coffee Roasters (GMCR, $35.27, up $5.01) is up 17% despite saying it will restate its financial performance over the past 3 years.  We mentioned a few weeks ago that the Securities and Exchange Commission (SEC) was looking at the company’s books and the errors were found while the Green Mountain prepared for its year-end audit.

The company will now “rework” their numbers for fiscal years 2007-2009, as well as the first three quarters for this year.  The adjustments aren’t expected to have much of an impact lower as the new results will likely shave 4-5 pennies a share off their bottom line.  Wall Street is breathing a sigh of relief as they were expecting the adjustments to be much worse.

The other negative headline dragging the market lower is the news that Federal authorities could be close to “busting” insider traders once again.  Their investigations could result in criminal charges or significant civil fines against Wall Street traders and executives for those who are found “guilty”. 

This is going to be a touchy subject in the weeks and months ahead but most research analysts or independent research firms do their own homework.  The question is how they get their information.  We don’t view this as a “big” deal and the investigation had been expanded after an inquiry into the Galleon Group.

Technically, the indexes are holding up well and some of our current option recommendations are surging again which is all you can ask for to start a Monday.

As we head to press, the Dow is lower by 97 points to 11,107 and is finding support near the 11,100 area. The S&P is down 9 points to 1,191 and seems to be holding the 1,190 level while the Nasdaq is off 2 points to 2,512. 

Tech has shown some leadership today and could get a lift if Hewlett-Packard (HPQ, $42.56, up $0.07) comes in with some good numbers after the bell today.  The company is expected to post per-share earnings of $1.27, up 11% from last year.

We have a lot of action to cover in our Members Area as we have raised the stops to protect some profits.  One of our trades has hit a triple-digit return and we are getting close to ringing the register on at least half.  Subscribers, check for the updates!