Stock prices opened sharply higher on news of better than expected earnings reports. DJIA component ExxonMobil rose to a new all-time price high after reporting quarterly profit of $10.36 billion. Think about that the next time you gas up. This is one of the benefits of having your own guys running the government. Does anybody remember that they told us that regime change in Iraq would increase oil supplies?

Despite this stock market pop, Bullish momentum is waning. I am looking for a downside reversal.