Monday markets as Phil has pointed out in his post, the market looks to continue its momentum from last week into Monday as the Asian and European markets have done thus far today. The question though is can that momentum carry us through the entire day with how far we’ve gone on mixed data and earnings.

Futures as of 8:15 AM is showing the Dow opening about 30 points higher and the Nasdaq close to 2 points higher. This comes off of an already impressive rally that stocks and commodities had last week. Some investors may be wondering how much longer can this rally last?

With no earnings reports and no economic data out there to quash the spirits of investors, some may think the sky is the limit. I would be careful. The S&P 500 is at its highest level since October 6, and it is hard to not believe that some profit taking at these levels will not start to occur. Its hard to continue to sit on the sidelines while the market continues to rally, but it would not be advised to invest into a market with no catalyst. What will drive the market today? Momentum… It could be so, but it is hard for me to recommend an entire market continuation without something to drive it.

Since we really have no economic data of importance or earnings this morning, we are scouring the news and looking for stocks to play based on that. One set of important indicators that does get released on Mondays is upgrades and downgrades. We saw an upgrade on WPP Group, who produces the show Mad Men, but I like the upgrade that Barclay’s Capital Group gave this morning to credit cards, which brings me to my buy of the day.