Markets Set to Open Positive

Futures are marginally positive and the DAX is negative, pointing to a mixed open.  While the overall market condition remains choppy, the scans are pointing to a positive day today.  The market bias indicators remain neutral.  Alcoa (AA) kicks off earnings season after market close today. 

Commodities continue to rise on the back of continued US dollar weakness where the downtrend remains intact. Gold had a new intraday high, but has not yet reached the inflation-adjusted high of the 1980’s.  Oil has popped above the $70 mark, however, remains in a sideways trading range.

Economic news for today remains relatively light.  In terms of earnings, it will be important to see revenues rising along with earnings.  If revenues remain flat or down, any gain in earnings is still due to cost-cutting.  While cost-cutting may boost earnings in the short term, increased sales growth is still needed for company growth.  This is why so much attention is also being placed on guidance.  For example, lower than expected guidance on Research in Motion (RIMM, RIM.TO) caused this stock to decline rapidly. 

Index	Change	%Change	Level	Phase
TSX	+145.35	+1.31%	11247.97	Bullish
DJIA	+131.50	+1.37%	9731.25	Bullish
Nasdaq	+35.42	+1.71%	2103.57	Bullish
SP 500	+14.26	+1.37%	1054.72	Bullish
Russell 2000	+10.87	+1.87%	601.98	Bullish
NYSE	+104.55	+1.54%	6899.68	Bullish

Source: Telechart

Short Term market outlook:

Bias: Scans showing a positive bias

Energy: moderate

 Primary Trend: sideways

Sector	Phase
Consumer Staples	Bullish
Healthcare	Bullish
Technology	Bullish
Utilities	Bullish
Energy	Bullish
Financials	Bullish
Industrials	Bullish
Materials	Bullish
Consumer Discretionary	Bullish

Source: Telechart