8:50am (EST)

The bulls recovered from Monday’s haymaker and rebounded to push the market higher on Tuesday.  Believe it or not, there were a couple of decent housing reports released before the bell which helped futures firm up and led to a solid open.  The bulls cruised until halftime which is when the bears showed up but their stay was brief as the bulls powered forward and pushed the market to new highs before the close.

The Dow added 65 points, or 0.5%, to finish at 12,266 while the S&P gained 7 points, or 0.6%, and ended at 1,312.  The Nasdaq popped nearly 10 points, or 0.3%, and settled at 2,744.

There was a lot riding on last night’s and this morning’s earnings so let’s cover some of the highlights:

Yahoo (YHOO, $16.12, down $0.22), Intel (INTC, $19.86, up $0.24), Juniper Networks (JNPR, $38.47, up $0.21) and Wynn Resorts (WYNN, $138.93, down $1.57) beat estimates after Tuesday’s close.  It was good to see some of the old Tech leaders come in with solid reports and all 4 stocks are up in pre-market action.

We have been following Wynn Resorts for a few weeks now as shares continue to set new 52-week highs and we like the company’s recent deal with PokerStars.com.  Our wonderful government shut down U.S. online poker sites on Friday, but we think there is too much money to be made for it not to be legal.   

Wynn will be a major player and teamed up with PokerStars to push legislation forward but this was obviously a blow to the hundreds of thousands of Americans who have their money locked up in online poker accounts.  For years these sites have said it was legal to play and have allowed deposits but Uncle Sam wants his piece of the pie too.

This litigation will take months (or longer) to resolve but we like Wynn for its long-term prospects as well.  They are our favorite when it comes to Casino stocks but playing options on Wynn can be expensive.  We recently profiled some September call options on Wynn inside our Members Area but we missed the trade because we were hoping to get better prices.  Instead, we didn’t get our entry price and the options have nearly doubled.

Elsewhere, Cree (CREE, $40.81, down $0.26) shares were down 6% in after-hours last night and touched a low of $38.10.  The company reported quarterly profits fell nearly 60% to $18.9 million, or $0.17 a share, down from $44.6 million, or $0.41 a share, in the year period. 

Excluding items, Cree would have earned $0.27 a share while Wall Street had penciled in $0.30 a share.  Revenue came in at $219 million versus last year’s figure of $234 million, and also below the $221 million the suit-and-ties had penciled in.    

Futures are pointing towards a massive rally at the open.  Dow futures are up 148 points to 12,374 while the S&P 500 futures are higher by 18 points to 1,327.  Nasdaq futures are advancing 30 points to 2,341.

We have a lot to cover in our Members Area so let’s get to it.