The markets opened higher on Friday due to positive earnings news. As the day progessed, the profit takers began closing positions in order to avoid holding over the weekend. This caused most of the days gains to be eliminated. Markets basically closed flat on the day.

This morning, stock futures are trading lower suggesting the markets will open to the downside. Crude oil flirted with $75 per barrel on Friday and is now trading at approximately $73.50 per barrel. The release of a new Bin Laden tape will likely have a negative impact on the market today, but nothing extreme. This week marks a huge week in earnings season. Several companies will release earnings throughout the week. Continued strength in the earnings reports will likely neutralize the negative elemets presented in the market place.

Monster Worldwide Inc (NASDAQ: MNST) is in a position worth watching. The 6-month daily bar chart below shows a solid uptrend that MNST has managed to bounce off of on multiple occasions. The stock dropped nicely on Friday, creating what looks like the beginning of a pullback to the trend line. The tendency of MNST to pop quickly when it touches the trend line makes it even more interesting in my opinion.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.