The Wrap 7/13/10

{+++}Thanks to relatively bullish reports from Alcoa and CSX after the bell on Monday, equity markets surged higher TODAY trading; the S&P 500 and the Dow jumped by 1.5% and the Nasdaq rose by close to 2%. In commodity markets, gold jumped back above the $1,200 mark while oil surged more than 3% to top the $77/bbl mark. The boost came after a report from Alcoa in which the company predicted that global consumption of aluminum will grow this year by more than it had forecast just three months ago, helping to ease concerns over low growth and a weak economic recovery in developed markets.

After the close today INTC had explosive earnings and as a matter of fact, it was the biggest number in their history. Pretty amazing considering were are in a massive global slowdown.

Tomorrow is sort of a day off as we see MAR after the close and TXI before the open.

Earnings however, heat up again on Thursday as we see JPM, NVS, AMD and GOOG

Friday we see BAC, C and GE

We took some profits and added CLF and AGN long and went short MOS late in the day. I will be watching the shooting gallery closely tomorrow and I will reflect any moves via email and chat. I added a new long tonight and have also adjusted some stops so PLEASE look at the P&L for updates.

Hope you had a profitable day, See you in the morning.

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