Earnings on a Roll

The earnings reports continue to surprise to the upside. Coca-Cola (KO), Southwest Air (LUV), and Catepiller (CAT), among others, all beat on earnings this morning. The revenues of some of these companies are not as good as hoped, so the profits seem to be coming from cost cutting.

Futures have jumped up here in the U. S. as the earnings reports hit the tape.

Asia was mostly up today and Europe is also up a bit.

Poll numbers indicate that support for Obamas policies are slipping as people wonder how we are going to pay for all of this spending. This will help the market which, is very concerned about the cost of all this spending and the burdens they will face complying with all of the regulations being proposed.

Yesterday was another strong day for the market. I try to day trade the CME, but it has been tough recently. The stock is frequetly gapping up on the opening and then going nowhere after that. Other stocks I am watching are near the top of their recent trading ranges, as is the S&P 500. We need a breakout to the upside in the next few days, or I would have to asume that the market will drop back into its recent range.