Mid-Session Market Update 02-24-14

Stock market opened up and has been trending up. S&P 500 broke above its old all time high level 1851 and is now trading around 1856. There is no influential economic news to drive the market. However, merger news of RF Micro Device (RFMD) merging with Triquint System (TQNT) and Man's Warehouse (MW) raising takeout price for Jos. A. Bank (JOSB) are having positive impact to the market. It is crucial for the S&P 500 to hold above 1851 at the close. If it does, more near term upside for the market is likely and the Dow will quickly run up to its all time high. The Dow is about 300 points away from its all time high of 16588. However if S&P 500 comes back below 1851, there's the danger of a top in market.Today is an crucial day for the market.

Gold is up 14.10 at 1337.90. Crude oil is up 0.86 to 103.06. 10 year treasury yield rises to 2.752% while  US dollar index (UUP)  is down to 21.50.