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You could hear the cheer from CNBC commentators as Apple Inc. (NASDAQ:AAPL) reported monster earnings. This truly was a great earnings report. The jubilation started in the media and spread to the little investor. Proclamations of 1380 on the S&P 500 were constant along with "tomorrow" will be a monster up day in the markets.



However, here the S&P 500 sits on the negative side. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $131.28, -0.18 (-0.14%). The NASDAQ is only…

This morning, the iShares Dow Jones Transportation ETF (NYSE:IYT) is trading lower by $1.13 to $91.77 a share. Since December 14, 2011 the transportation index has been rising steadily higher. This is the first trading day of 2012 that the important index has come under some selling pressure. Short term traders can watch for intra-day support on the IYT around the $91.50, and $90.85 levels.



Some leading transportation stocks that are trading lower this morning…

After the new year started with a substantial rally, the markets have been in sleep mode. Two consecutive days of flat action has the pros salivating over the likelihood of further upside. Today, the SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $127.56, -0.07 (-0.05%). Let's explore the bullish case on the market.



1. The market broke out of a triangular range on Tuesday. This is significant as the markets had been inside this range for months.



2. The last two days…