13 July 2010

SP 500 September Futures Daily Chart

Stocks were rallying today on optimism about earnings based on last night's results from Alcoa and CSX.

After hours tonight Intel announced better than expected earnings and raised its forecasts. This caused the futures to gap open when they resumed trading. Here is what they look like now, after hours.

This has been a wicked rally off the lows. It *might* be getting towards a short term top, possibly tomorrow, but I would not want to get in front of it. Wait and see how the rally progresses.