The market was flat on Monday. It popped higher this morning, but, quickly dropped lower as Bernanke testified in front of the Senate Banking Committee. As the testimony went on, buyers came back in on higher likelihood of further monetary easing. Agriculture stocks were very strong on better-than-expected earnings report from MOS: MOS +5.13%; CF +2.51%; POT +2.9%; AGU +1.11%. On the other hand, Chinese internet stocks were very weak, slipping on China's weakness: SINA -3.49%; BIDU -2.21%; SOHU -4.14%; NTES -4.76%; YOKU -10.99%; QIHU -5.97%.
After the market, EMC and VMW confirmed the rumored shuffling of executives and preannounced Q2 revenues that exceeded expectations. VMW popped almost +8% and EMC jumped +6.81%. Both FFIV and CRM climbed higher as well.
The Dow was up +78.33 points; SPX added +10.03 points; Nasdaq gained +13.1 points:
BTK (biotech) was up +1.07%. OIH (oil services) added +1.65%. XLE (energy) gained +1.25%. MOO (agriculture) went up +1.18%.
SPX
SPX added +10.03 points to close at 1363.67, above 1360. It also closed above its daily MAs. The MACD turned up.
Nasdaq
Nasdaq gained +13.1 points to close at 2910.04. It closed below its 10-day MA. The MACD was flat.
The market struggled today, but, managed to close higher. SPX looks strong and could be ready to break out, as discussed in this weekend's Market Forecast. However, techs are still struggling. The VMW/EMC news could provide some strength for the techs tomorrow. INTC and YHOO's earnings tonight looked neutral and probably won't affect the market much. After the market tomorrow, IBM, QCOM, FFIV, and EBAY may give the market more clues with their earnings. Financials are still the leaders in this rally. BAC and PNC report tomorrow morning, and could help push the market higher.
Good night and HappyTrading! ™ 
