February 10, 2010, 7:00 am EST — 
The Standard & Poor’s 500 index futures up 2.20 to 1068.40, as HOPE remains on the agenda. Stocks surged yesterday as traders expected Greece to get help for its mounting debt problem. The Dow Jones industrial average rallied more than 150 points (1.5%) Tuesday, a day after it closed below 10,000 for the first time in three months; the S&P 500 and Nasdaq composite indexes rose more than 1 percent. … European debt problems were the latest in a string of concerns that sent the market retreating over the past four weeks after a furious 10-month rally. China’s plans to curtail economic growth to avoid speculative bubbles and President Barack Obama’s calls to limit trading by large financial institutions dragged stocks lower in recent weeks. EU leaders and Jean-Claude Trichet, the president of the European Central Bank, are scheduled to meet Thursday to discuss the economic health of nations that use the euro. Markets have dropped in recent weeks over concerns that debt problems in countries like Greece, Spain and Portugal would spread and upend a global economic recovery. A bailout for Greece raises hopes that European officials will take additional steps to contain debt worries in other countries. … Benchmark crude for March delivery was down 35 cents at $73.40 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract jumped $1.86 to settle at $73.75 a barrel on Tuesday. U.S. crude stocks jumped 7.2 million barrels last week, the American Petroleum Institute said late Tuesday, suggesting weak consumer demand for fuels like gasoline and heating oil. Dartline expected an increase of 1.7 million barrels. The Energy Department’s Energy Information Administration has delayed announcement of its inventory report until Friday from Wednesday because of snow storms. Sluggish crude demand is weighing on oil prices as investors continue to mull over concerns about the health of the global economy. In the near-term, oil prices remain locked in a tight range due to negative macro sentiment, while improving fundamentals are keep traders committed. …
Maintain near-term S&P 500 resistance at 1095.40, and near term support at test-line of 200 ema at 1046.20. Nothing changed but more noise that stocks are cheap because future earnings results “look good”— don’t buy the spin until the numbers come up. Pockets of strength are possible, but to bet on cross-the-board improvements is a Fool’s Game.