Today needed a strong jobs number to keep traders interested and to keep traders and investors from taking profits. A 10% unemployment reading and a loss of 85,000 non-farm payrolls for December was not enough. The drop in the dollar earlier today (based on the FOMC being able to keep a zero-rate) may have been the only thing that kept more profit taking by stock trading from coming. Here were today's unofficial closing bell levels:

Dow 10,617.06 +10.20 (0.10%)
S&P 500 1,144.93 +3.24 (0.28%)
Nasdaq 2,317.17 +17.12 (0.74%)

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About all the FOMC Minutes did today was agitate those hoping for a dollar rally on currencies because the FOMC members were still concerned about the economic risks. Stronger supplies of oil were also ignored as weather related trading took oil higher from the post-report lows. The ISM non-Manufacturing data also came in just above the break-even point and the ADP data did not signal any major changes for Friday's jobs data. The DJIA and S&P 500 went from negative to positive so many times today that this was mixed regardless of how the averages ended up.

Here were today's unofficial closing bell levels:

Dow 10,574.06 +2.04 (0.02%)
S&P 500 1,137.14 +0.62 (0.05%)
Nasdaq 2,301.09 -7.62 (-0.33%)

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This little gem was perpetuated by tech guru and investor Roger McNamee. Of course, he is a member of the Palm (PALM) board of directors, and his firm is an investor in the company.

Did I mention that PALM shot up after his comment, before the mediocre and overpriced Pre hit the market? The company then issued shares a few days later? You and I would go to jail for doing this.

The market staged an impressive rally this year, but it was predicated on some very big lies, as opposed to solid fundamentals or the beginnings of a real recovery in the U.S. economy.

The biggest lie investors were fed? That, statistically, the recession "officially" ended in Q3 when we saw 3.5% GDP growth. Sure the Bureau of Economic Analysis revised their number substantially in November, saying we only saw 2.8% growth, but this was growth nonetheless ... according to the statistics.

Palm Inc. (PALM) seemed like a company with a solid comeback plan last summer. After more than a year of downward spiraling, the company was on the verge of releasing its hottest product probably ever, the Palm Pre. This was supposed to be the wireless handset that would finally challenge the Apple (AAPL) iPhone with it's slick user interface and svelte design.

Sales of the Pre in recent quarters were indeed decent, although Palm's decision to choose Sprint Nextel (S) as its exclusive launch partner may have dampened things a bit. Although Sprint's network, at this time, fares way better than AT&T's (T) network that is constantly being made fun of, the Pre still didn't slow down iPhone purchases.

Today had little economic data to boost or quell markets. Asian stocks were weak but European market gave the US a boost on German business confidence. Today's gainers were mostly on earnings and oil and gold both rallied off lows after Iran's military supposedly raised an Iranian flag over an Iraqi oil well in a disputed area now part of Iraq. Gold may still be dead or range bound the rest of 2009.

The closing bell on this Triple Witching expiration date was not certain on the direction throughout most of the late morning and through most of the afternoon.

Here were today's unofficial closing bell levels:

Dow 10,310.23 +1.97 (0.02%)
S&P 500 1,102.73 +6.65 (0.61%)
Nasdaq 2,211.69 +31.64 (1.45%)

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An update on the buy call for Palm Inc. (PALM), first recommended on June 15, 2009, at a price of $14.12: Close Position.

They don't all work out. Among other factors, a delay in the release of Palm's Treo Pro, along with several, strong new handsets from competitors, and macroeconomic headwinds, creates an uncertain outlook for the company.

U.S. stock futures advanced Friday morning, indicating Wall Street is ready to reverse the negative trend of the last few days. Several strong and better-than-expected company reports late Thursday contributed to the changing atmosphere as investors regained confidence in companies' profit prospects.

Best Buy Inc. (BBY), which was a favorite on Black Friday, announced a partnership with Netflix (NFLX) and another one with Google (GOOG), as well as declared a quarterly dividend, during its fiscal third quarter. For the three months that ended in November, Best Buy is expected to report that earnings rose 18.6% from a year ago to $0.43 per share. Revenue is expected to total $11.9 billion, or 4.2% higher than a year ago. The full-year forecast is for a profit of $2.95 per share (+2.4%) on $48.6 billion (+7.8%) in sales. This Richfield, Minn.-based company has topped earnings estimates in three of the past four quarters, by as much as 21 cents per share.

Best Buy's long-term EPS growth forecast of 12.5% is better than that of Walmart (WMT). Best Buy's earnings multiple is 14x. Analysts, on average, recommend buying BBY and have for more than 90 days; two analysts recently raised their earnings estimates. The mean price target is $44.77. Shares have risen 11.5% in the past three months and recently reached a new 52-week high of $44.50.

Apple (AAPL) is recently at $198.74 in pre-open trading. Apple December option implied volatility is at 31, January is at 33, April is at 32; below its 26-week average of 36 according to Track Data, suggesting decreasing price movement.

Palm (PALM) closed at $11.58. Palm is scheduled to report Q2 EPS on December 17. December option implied volatility is at 88, January is at 83, February is at 81; above its 26-week average of 79, according to Track Data, suggesting larger price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Analyst upgrades:

• Barclays upgraded Exxon (XOM) to overweight from equal weight based on a higher production growth outlook. The firm, which raised its target to $92 from $90, expects Exxon to have organic growth of more than 3% in 2010 and an average growth rate of 2.6% between 2009 and 2013.
• Kaufman Bros. upgraded Palm (PALM) to buy from hold citing the recent pullback in shares and indications that Verizon (VZ) will carry webOS phones as early as 1H10. The firm has a $16 target on the stock.
• Piper Jaffray raised Medicis (MRX) to neutral from underweight and raised its target to $20 from $16. Following a management meeting, Piper said they have increased confidence in Soldyn risk and LipoSonix's safety profile.
• Illinois Tool Works (ITW) was upgraded to buy from neutral at UBS.
• Devon Energy (DVN) was upgraded to outperform from market perform at Wells Fargo.
• Carmike Cinemas (CKEC) was upgraded to buy from neutral at Merriman.

This was a strange day with a half-participation as bonds and many government offices were closed due to this being the Veterans Day holiday. Stocks were up all day and this works out to be six straight days of a rally in the DJIA. We had no economic news to digest and here are today's unofficial closing bell levels:

Dow: 10,291.10 +44.13 (0.43%)
S &P: 1,098.52, +5.51 (0.50%)
Nasdaq: 2,166.90, +15.82 (0.74%)

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AIG (AIG) could have a key vacancy open at the firm. Its new CEO Benmosche has expressed to its board of directors that he may step down over frustration of working under the government and over salary restrictions. This would not be welcome as he is deemed one of the few who can run that show. A late day memo from the company said he is committed and the press is over pay for those at the company. Shares were 'only' down 0.7% at $37.30 right before the close.

Maybe it was the dollar rising earlier, maybe it was poor housing data from a drop in new home sales. Maybe they wanted more than a marginally positive durable goods reading. Maybe it was that oil inventory is back up. And then there is the notion that stocks have just gotten too far ahead of themselves and there were reports of a large strategist cutting GDP targets. But investors sold religiously today ahead of tomorrow's GDP figure.

Here were today's closing bell levels:

Dow 9,762.69 -119.48 (-1.21%)
S&P 500 1,042.63 -20.78 (-1.95%)
Nasdaq 2,059.61 -56.48 (-2.67%)

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Palm (NASDAQ: PALM) closed at $16.45. PALM's Pixi product is expected to be available at Sprint (NYSE-S) before the holidays. PALM November option implied volatility is at 67, January is at 75; verses its 26-week average of 78, according to Track Data, suggesting decreasing near term price movement.

DuPont(NYSE: DD) closed at $34.10. DD is expected to report Q3 EPS on October 20. DD November option implied volatility is at 35; January is at 36; below its 26-week average 40 according to Track Data, suggesting decreasing price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Palm Inc. (NASDAQ: PALM) is one company whose fundamentals are making one statement, while the stock chart's technical indicators are arguing something entirely different.

A late roll-out of the Palm Pre with new carriers has sparked concerned about disappointing Palm results in the quarters ahead, and particularly during the upcoming holiday season. Moreover, any hint that FY2010 revenue growth that will not exceed a 100% gain will likely send PALM's shares tumbling.