Before the Open (Jul 12)

Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mostly up, but there were no big winners. Europe is mixed. Futures here in the States point towards a down open.
The market has moved up 4 consecutive days – the longest winning streak since early April. It can’t last much longer. If we don’t get some backing and filling today, we’ll get it tomorrow.
Last week there were virtually no earnings reports, and the economic calendar was light. Things change this week. There’s no econ news today, but the rest of the week is full. And earnings season kicks off today with AA. There aren’t too many reports, but things ramp up quickly.
We entered last week with the market on edge. Everyone was talking about a double dip recession, and many indicators were in oversold territory. The market pendulum had definitely swung too far to one side, so we got a bounce. But the first move up from an oversold condition is the easy move. Short covering along with bottom feeders fuel a quick snap back, but now that the S&P has moved up 70 points, real buyers need to step in to keep it going.
I remain in conservative mode. There are lots of intraday swings for day traders, but good tradable swing trades are few and far between. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers