It looked like it was going to be a fairly quiet day, but a flurry of news hit late in the day and spiked us up sharply. The SEC said that it is making a major announcement this afternoon, which market players think will be a settlement with GS; BP says that its leak-capping efforts are looking good; and AAPL is scheduled to announce something tomorrow.
On top of that, GOOG's earnings are out, and the company missed on the bottom line. The stock is down $20 quickly on the news as market players try to sort out what is happening there.
It is a very chaotic trading environment, but under the surface, we had poor breadth and some very mixed and choppy action, which reflects a high level of uncertainty. It is very tough to find good leadership in this market. There just aren't many pockets of momentum, which is what is needed for a good trading market.
We'll see how all this news shakes out overnight, but I think upside progress is quite possible tomorrow and next week as well.
Details of the Goldman Sachs settlement will be out soon, and we'll have more color on Google shortly. The best thing about these headlines is that we'll have fewer unknowns floating around, and that is always a good thing for the market.