TGIF Morning

First Call has the Dow up 44 and SPX  up 7.39.  Oil is trading higher at 89.61, while Gold is trading down at 1343.7 and Silver is trading down 27.32.  The commodity complex is mixed this morning.  The Euro is trading higher at 1.355 while the Dollar is down again this morning at 78.38.

There are no big reports today.. .. just another series of what continues to be good earnings reports.  If found the speculation yesterday regarding pressure that the Congress is receiving from State government lobbyists to help them with new rules that could allow the States to file Bankruptcy, which they are currently prohibited from doing.  It seems there is growing understanding that a good bit of the financial problems that many State governments are facing are structural and for some the relief may be similar to what GM experienced.  A complete restructuring of the Pension debt that is generally recognized to by most to be unsustainable.  GM used their bankruptcy to default labor agreements and change pension and other retirement benefits of retired and retiring employees.  Should be lots of fireworks this year if Meredith Whitney is anywhere close to correct in her outlook for State and Municipal fiances.

I have added stop loss points to the trade recommendations made yesterday with the new Momentum Change Sell signals.  These are considered short term  signals, valid until the next change in Momentum occurs.  After the closing data was reported, one of our most reliable intermediate indicators also signaled a new Sell signal.

This should be in interesting day.

Best To Your Trading!

Bill