EARNINGS RUNNING...

The BULL, or more appropriately, the EARNINGS BULL is back in full force a few days after the first major pullback in the market in a very long time (since March). 6% isn't a huge pullback, but the way this market has skyrocketed it sure is.

With AA blowing out as the first major earnings report and the futures smoking HOT as I write this, we should at least retest the recent highs, and there's a better then decent shot we're about to touch 10,000 here. I have to say, a pretty impressive move regardless. Man, the futures are romping, up 11 on the S & P already. We're very very close to the yearly highs here. That's a very important level to watch, it should act as an initial resistence, but if we pop over that watch for a squeeze that could bring us to 1100s in a jiff (by pop I mean a sustained move above the highs of the year, not just touching it or briefly popping above it).

It's interesting, I have been trading the market for a while now, since 1998, and I teach and believe in the way my "system" works wholeheartedly, but I still am in awe when I see the same trends work time and again. Granted, I thought we'd get a little more of a post Window Dressing pullin, but 6% was a very nice short profit move which we caught, and now I'm long and obviously happy about it. Though I did sell the GOOG calls I had at the end of the day today, which I will regret for sure if the futures move holds up.

I think this could be the move that gets BAC to $20s and JPM to $50, but we'll see, I don't want to get ahead of myself, perhaps this will be another fake out on the way to 10,000 and we go back down. I just don't see it unless earnings start stinking and the bulls have this set up pretty scary good for a lot of big beats.

Watch the metals off AA earnings; X should see at least $50, NUE, CENX, etc all should get nice moves. FCX could be $100 stock into earnings if we really motor.

Keep in mind, I would not buy a big gap up, it goes against all my rules, but if we start rocking post 10 am, I think you might want to have a plan and a list of stocks you want to get aboard. If we drop dead then it'll never triggger and either way make sure you set stops!

For disclosure sake, of the stocks I mentioned herein, I own the following;

BAC calls
X stock
NUE stock
AA stock

Don't chase! I got emails today asking about GOLD. I own some gold myself, wish I owned more, but if this is your entry, while it may pay off, I have no idea if you should buy it here now, tough call. It could easily go to 1100+,or it could pull back to 950 and not cause much technical damage.

If you're up tonight at 2 am EST, check out MY FINANCIAL POWER MAKEOVER, the new infomercial. It's airing on CNBC.

Also, end of the month I'm doing my 1st solo radio show, a 1 hour show on SUCCESS on CBS's online radio network. I'm very excited and if anyone wants to send me a pitch for business ideas, one of the segments is going to be where people pitch me their ideas for new businesses. I'm also looking for interesting people to interview, so send along your suggestions, and any contacts. The show will also have a segment on Technical Analysis and about 1/2 the show will be dedicated to stocks alone, the rest will be other things related to Success.

And, with that, I'll wish you all your own success!

RULE!

Michael "Waxie" Parness