Market Breaking Out...Almost...

Last week, I talked about the major indices coiling up in triangle pattern. Last Friday, I thought we would likely break to the downside..that is until the last hour of trading when the market surge on short squeeze as rumours of Ambac Financial Group, Inc. (Public, NYSE:ABK) bailout circulated. So right now, we are still technically inside the triangle and breakout is to come Very soon. The market is certainly behaving in a very erratic manner of late, which has made trading even more challenging!

Mon: Existing Home Sales
Notable earnings: LDK, LOW, JWN, OKS, ZBRA

Tue: PPI, Consumer Confidence, Fed Vice Chairman Kohn speaks about U.S. economy & monetary policy
Notable earnings: AZO, GPI, HD, RSH, KWK, PZZA

Wed: Durable Orders, New Home Sales, Fed Chairman Bernanke speaks,
Notable earnings: BYD, DLTR, DBRN, EGLE, IHP, CRM, TOL

Thurs: GDP
Notable earnings: AIG, CEDC, CPHD, CMED, DECK, FLR, GPS, HANS, KSS, OMG, SHLD, SGMS, FAF

Fri: Core PCE Price Index, Personal Income, Personal Spending, Chicago PMI, Michigan Sentiment, Fed Governor Mishkin speaks