1:00pm (EST)

The bears are getting smoked on 420 Day as the bulls try to hit new highs before the weekend.  There have been a number of good earnings before the bell which has helped support today’s gains.

General Electric (GE, $19.51, up $0.37), a Dow component, is trading higher after beating Wall Street’s expectations.  The company reported a profit of $0.34 a share on revenue of $35.2 billion.  The suit-and-ties were looking for $0.33 a share/ $34.7 billion.  Now that is what we call an “official” earnings beat. 

GE is solid stock paying a 3.6% dividend.  We have considered adding the stock to our Weekly Wrap covered call portfolio and we will be listening to the company’s conference call over the weekend.  Stay tuned…

McDonald’s (MCD, $97.15, up $1.87) is also seeing slight gains after matching estimates but beating on revenue numbers.  The company reported a profit of $1.23 on sales of $6.55 billion versus a forecast for $6.54 billion.

Mickey D’s has accounted for 14 Dow points which is currently up by 116 points to 13,080.

The S&P is getting a 10 point pop and is at 1,387 while the Nasdaq is advancing 20 points to 3,028.

Today is April option expiration day which is good news for our Weekly Wrap subscribers.  We have up to 3 trades that could be closing today that will give us gains of 26%, 10%, and 8%.  This will bring our 2012 Weekly Wrap Track Record to 20-0 for the year and 37-0 since inception.  Double-digit monthly gains may sound boring but they add up quickly.  Remember, it only takes 5 winning trades of 20% or more to double your money.

Our current trades for the Daily are in good shape and we will tally the Daily numbers after the close as we have a few trades expiring today.  Through the first 4 months of the year, we couldn’t have asked for a better start.  Our closed trades have generated profits of nearly $40,000 and we are hitting pay dirt on over 80% of our trades.

This was has seen a choppy range bound market this week with extreme volatility.  Next week should be no different as Apple (AAPL, $582.98, down $4.46) and Netflix (NFLX, $106.95, down $0.14) will be reporting their quarterly results.

We will be back Sunday night with our Weekly Wrap so until then, have a great weekend everyone!