The Closing Look

Stocks rallied on Monday, led by a huge positive reversal in crude oil, after oil producers decided not to freeze production on Sunday. A slew of energy stocks surged on the news. Earnings news was mixed. Morgan Stanley ($MS) fell after reporting a lousy quarter. Elsewhere, Hasbro (HAS) enjoyed a huge breakaway gap after the company reported numbers. The toy maker enjoyed a healthy quarter largely due to strong sales from Disney’s toys ($DIS). Disney also rallied nicely and jumped to a three month high after being upgraded.

GARY’S TAKE: The market had every chance to sell off today. Not only did it not sell off but it flourished. We have very little in the way of complaints as more stocks set up, oils look ready for another leg up and all is well despite gross earnings. Just thank all the easy money. IBM,NFLX,ILMN will provide test tomorrow…maybe. Many more names to report.