The market was in a tight range to start the session but the bias had been to the upside despite the lack of headline news. The bulls were slow out of the gate but they have managed to put together a nice rally today, especially Tech which is up 1%.
The Dow is currently up 82 points, or 0.7%, and is at 11,953. The index has traded to a high of 11,968 and looks poised to take out our 12,000 target this week.
The S&P is higher by 6 points to 1,289 and remains within striking distance of our 1,300 target. We would like to see a close above 1,290 today.
The Nasdaq is back over 2,700 as it has added 25 points today, or 1%, and is currently at 2,714.
There are a few notable companies reporting after the bell today: American Express (AXP, $45.80, down $0.20), CSX (CSX, $67.51, down $0.13) and Green Mountain Coffee Roasters (GMCR, $37.79, up $0.32) will update Wall Street on their quarterly results.
We were thinking of playing one of the names we just mentioned but our portfolio is full. We opened 3 new trades on Friday and we are expecting doubles from them without an earnings announcement. Economic news will be out before the bell on Tuesday so make sure you check back with us at 9am to get the details.]]>