Stocks were up, but gains were limited. Dow is up 65, decliners slightly ahead of advancers & NAZ is up 14. In the Dow, the only 1+ gainers are: MMM, AA (ahead of earnings tonight), CAT, HP & IBM. Also, GM, beaten up badly last week, is up 18¢, as it plans to downsize. 10 Dow stocks were down, not a really strong rally. Oil, down 5, is helping bring out buyers, but the effect is limited. Banks & REITs continue to are sell off. My favorite MLPs are down 1, taking the Alerian MLP index below 272. A test of the lows at 262 is coming.
Alcoa (AA) reports earnings tonight & General Electric (GE) should report on Fri. Chairman Bernanke will testify this week before congress on the economy. This should be a bouncy week with markets remaining on defense.
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