Constructive day on Monday. What we really, really want to see from here is the low made in the SP last Thursday evening before the New York day session holding. Not necessary to see the Monday high to start this week eclipsed just yet, but if that last low holds, my expectation is that further new highs are ahead. Great day for my Chevron calls.

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IBM earnings this Wednesday and have a bullish spread there. Paypal earnings end of week, and bullish there as well via a spread. Look for SPY to vacillate around 500 till earnings give it more clarity.