12:00pm (EST)

There are a lot of stories to talk about with specific stocks but as far as the market, the action is flat. Perhaps traders are tentative ahead of tomorrow’s FOMC minutes but we aren’t too worried about Bernanke.  He has been a bull alley for a few years now so he will likely aid their cause.  We are more interested in Friday as there will be 2 heavyweight Banking companies reporting earnings.

JPMorgan (JPM, $48.64, up $0.06) and Wells Fargo (WFC, $37.32, up $0.30) will be confessing their quarterly numbers to Wall Street before the bell and it will be important for these stocks to show strength if the bulls are going to challenge the all-time highs again.

Shares of HerbaLife (HLF, $38.27, down $0.12) were halted as we were going to press but have finally resumed trading after news of KPMG resigning as their auditor.

Bill Ackman is feeling the pinch today as JC Penney (JCP, $14.26, down $0.61) is nearing decade lows.  He is short HerbaLife and long JCP and many of the suit-and-ties were expecting another Carl Ichan punch to the gut.  He has the option to increase his stake to 25% of the company but today’s news didn’t help his cause in getting shares back above $40

As far as the market, the Dow is up a sweet 16 to 14,629 while the S&P 500 is higher by a point o 1,564.  The Nasdaq is up by 2 points to 3,224.

We have been working on some trade updates for our Weekly Wrap as there are a few current trades we need to take action on.  One of our holdings is a biotech play that is getting a nice pop (up 10%) so we are looking to sell some options into strength to lower our cost basis in the stock.  We also have some directional call options in play that we initiated for the Daily back in February and they are starting to make some noise.

Subscribers, check the Members Area for the updates and if you are a member to the Weekly Wrap, look for a Trade Alert(s) in the next hour or so.