1:20pm (EST)

The market is seeing green today for the first time all week as all three of the major indexes are up. 

Although the debt ceiling debate remains unresolved, the bulls got some good news this morning after learning Jobless Claims came in under 400,000 at 398,000.  Wall Street was expecting a print of 440,000.  Continuing Claims fell to 3.7 million from 3.72 million.  Elsewhere, Pending Home Sales for June rose 2.4% to an index reading of 90.9 versus 88.8 last month.

Futures were pointing to a slightly higher start but firmed up after hearing the jobs numbers which lead to a solid open.  Earnings have also come in better-than-expected which is no surprise considering how strong the 2Q season has been.

Green Mountain Coffee Roasters (GMCR, $105, up $16.89) is surging nearly 20% after reporting its quarterly profits tripled.  The company reported a profit of $76 million, or $0.49 a share, on revenue of $717 million.  Analysts were expecting $0.36 a share on sales of $607 million.  Green Mountain is the second most shorted stock on the exchange and part of the huge move is due to short-sellers covering their losing bets.

Starbucks (SBUX, $40.49, up $1.52) will report after the closing bell today.

Another company we have been following is Mead Johnson Nutrition (MJN, $72.19, up $4.71) which is at 52-week highs after beating the Street’s expectations and they raised guidance in the process.  The baby formula maker reported profits of $132 million, or $0.64 a share, versus $121 million, or $0.59 a share, in the year-ago period.  Revenue came in at $932 million for the quarter.  Excluding items, the company actually earned $0.72 a share.

The suit-and-ties were looking for $0.69 a share on revenue of $880 million.

Even better was the fact that Mead Johnson raised its full-year guidance to $2.70-$2.75 a share, up from its prior forecast of $2.62- $2.70.  Analysts have been penciling-in $2.72 a share for 2011.

Cisco Systems (CSCO, $16.22, up $0.53) got a shot in the arm from Goldman Sachs (GS, $137.39, up $2.67) following yesterday’s drubbing after the brokerage firm upped its price target to $21 and slapped a “Buy” rating on the stock. 

We mentioned last week that some big money was starting to come into Cisco and it’s nice to see the Wall Street has finally jumped on our bandwagon.  We have been telling our subscribers that Cisco is a steal in the mid-teens.

Another stock that looks attractive now, thanks to Goldman, is Patriot Coal (PCX, $19.78, up $0.03) which has dropped from a high of $25 last Thursday to under $20 in just a week.  Golden Slacks cut Patriot’s price target from $29 to $24 following the company’s 2Q earnings loss so there was a reason for the price cut.

Patriot Coal did take an “asset-retirement” charge for the quarter but they still get good money for the black gold they sell.  It is a volatile stock but we love trading it because we know its pattern so well.  We recently profiled a call option trade on Patriot that was closed last Thursday for gains of nearly 80% in just one week.

We have also recommended the stock twice in our Weekly Wrap and our subscribers have booked profits of 13% and 7%, respectively, so far this year.

We aren’t sure when we will go back to the well for Patriot but if support holds at these levels, we might take another look.

There will be some headlines within the next hour as Republican John Boehner is expected to speak on a debt reduction plan that will be voted on tonight.

As we head to press, the Dow is up 33 points to 12,350 while the S&P is higher by 5 points to 1,313.  The Nasdaq is trying to make it back above 2,800 and is at 2,789, up 12 points.  We have a ton of information to cover in our Members Area and we will be back in the morning with our next update.