9:00am (EST)

Futures are pointing towards a higher open this morning after China did not announce an interest rate hike over the weekend.  Most of the suit-and-ties on Wall Street had expected a rate hike and were relieved after China said that despite rising inflation, they would maintain a strong growth policy.  China’s stock market, the Shanghai, soared nearly 3% as telecom led the way with a gain of over 9%.  

The news provided a lift to the overseas markets as well. 

Here at home, there are no major economic reports due out today and earnings are light, although there a few notable announcements this week.  Here is a quick list of the companies set to confess:

Monday – Carnival Corporation (CCL, $43.97, up $0.23), Discover Financial Services (DFS, $19.27, up $0.50), FactSet Research Systems (FDS, $95.45, up $0.96), Herman Miller (MLHR, $23.45, up $0.02), Paychex (PAYX, $30.35, up $0.33), Rick’s Cabaret (RICK, $7.35, up $0.13), Scholastic (SCHL, $31.00, up $0.44) and Winnebago (WGO, $12.56, up $0.46).

Tuesday – Best Buy (BBY, $41.80, down $0.20), Hovnanian Enterprises (HOV, $4.38, up $0.02) and Schiff Nutrition International (WNI, $9.05, up $0.30).

Wednesday – Apogee Enterprises (APOG, $12.69, down $0.02), Joy Global (JOYG, $79.08, up $0.72), Nordson (NDSN, $88.02, up $2.25) and Value Line (VALU, $15.08, up $0.32).

Thursday – Accenture (ACN, $45.66, up $1.05),  FedEx (FDX, $93.98, down $0.11), General Mills (GIS, $35.70, up $0.03), Pier 1 Imports (PIER, $10.54, up $0.08), Research In Motion (RIMM, $62.15, up $0.86) and Steelcase (SCS, $10.30, up $0.11).  

Friday – Quiksilver (ZQK, $5.08, down $0.60) and Smart Modular Technologies (SMOD, $6.63, up $0.18). 

There is a chance we may do an option trade on one of these earnings reports but we are still doing research.  We have listed a few ideas on our Watch List and if we do pull the trigger on a trade, we will send a News Flash or update you in our afternoon update.

As we head to press, Dow futures are higher by 42 points to 11,386 while the S&P 500 futures are up 5 points to 1,241.  The Nasdaq 100 futures are showing a 8 point pop and are at 2,223.  Subscribers, check the Members Area for the current trade updates.