Inflation and economic data have helped fuel the rally in the last month as economic numbers have come in stronger than expected and inflationary data this week were encouraging. That data continued to be encouraging today with new University of Michigan consumer sentiment numbers easily beating expectations and coming in very strong. The consumer is the heart of this economy and traders will now look to earnings to help continue to fuel the rally as earnings seasons kicks off today.

When the big banks start reporting, most traders view that as the official kick off to earning season and that occurred today. The bank numbers were healthy led by JP Morgan who beat expectations across the board. Wells Fargo, City and Blackrock also reported and Matt will break down all the numbers including a healthy beat from UnitedHealth on the Halftime Report today.

Should be an interesting earnings season…the market is never boring as the narratives continue to unfold. We will be with you every step of the way to bring you all the action.

Chart of the Day: JP Morgan (JPM)

JP Morgan had healthy beats on earnings and after a gap up is giving a little back this morning. It is going to be interesting to see if we get a nice pullback pattern develop near the breakout point near the rising moving averages.

Today’s line up

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