Alcoa came in with an earnings surprise last night and it was enough to get 29 of 30 SP500 stocks moving positively this morning.

INTC will report tonight and we believe they will keep the run going despite the fact that this is a big expirations week for options and futures that normally would see day to day volatility.

We are approaching some pretty stiff resistance levels and being this positive so early in the earnings reporting period makes a real problem for the shorts which may be responsible for today's rally as they feel the pinch to cover their positions.

AAPL is taking a hit on the Consumer Reports evaluation of the antenna problem, but acknowledged that it is still the best phone out there.

AAPL has earnings on Monday which WILL be a blowout. Normally there is profit-taking after the earnings announcement, this time we may see the reverse and actually see a strong rally once the concentration shifts.

BP is close to making its next attempt at shutting in the well in the next day or two and of course success would change the complexion of the drillers even though the Feds are moving to put a moratorium on drilling until November.

It is going to be an interesting week.