Today was an odd day considering that the bond traders were out and banks were closed for Columbus Day. There were gains most of the day ahead of earnings season, but we came down substantially off the highs. It still feels like the DJIA will crack 10,000, but the trading is getting choppy as we enter what may be the biggest earnings season in a couple years for growth investors.

Here are today's unofficial closing bell levels:

Dow 9,885.80 +20.86 (0.21%)
S&P 500 1,076.18 +4.69 (0.44%)
Nasdaq 2,139.14 -0.14 (-0.01%)

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Top Day Trader Stocks

Today started out strong with a weaker dollar ahead of tomorrow's FOMC meeting. We have a slew of data coming out the rest of the week and tomorrow's commentary on securities purchases and liquidity programs should likely beat out the notion that rates are still staying at near-zero percent.

Here are today's unofficial closing bell levels:

Dow 9,829.27 +50.41 (0.52%)
S&P 500 1,071.63 +6.97 (0.65%)
Nasdaq 2,146.30 +8.26 (0.39%)

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The recession is over according to Ben Bernanke. Inflation is staying tame. And the Fed just said we all saw our wealth grow in Q2. Yet today the markets gave back. Based upon many key tech shares hitting 52-week highs and then selling off, this was just a day of traders finally locking in some handy trading profits. The DJIA stayed up for much of the day, but the rest of the key indexes came well off of highs and many went negative. This call for DJIA 10,000 still seems much more likely even if the market showed that not every index has to rise every day.

Here are today's unofficial closing bell levels:

Dow 9,784.22 -7.49 (-0.08%)
S&P 500 1,065.49 -3.27 (-0.31%)
Nasdaq 2,126.75 -6.40 (-0.30%)

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Today was one of those trading days where it felt as though a down-day was certain. A lack of earnings news after the fear of a trade-war with China loomed early on over a tire tariff being passed on. But the market steadied after a initial drop and slowly came back before turning positive in the afternoon session. This was one of those that felt as though the closing bell was again a coin toss right up to the close of the 4:00 bell. Here are today's unofficial closing bell levels:

Dow 9,624.61 +19.20 (0.20%)
S&P 500 1,049.06 +6.33 (0.61%)
Nasdaq 2,091.78 +10.88 (0.52%)

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Biotechs are fascinating. They have such great promise, yet very few of them actually turn those promises into money. Cures for all types of cancers always seem imminent with promising (there's that word again) results from mice or small control groups. Phase I testing is completed and all kinds of good stuff seems possible. Then something usually happens. Usually not very good things.

Most of the time, it's discovered that what works in mice doesn't work in men (or women). Or that the group was too small for meaningful data and when a larger group is studied, the efficacy isn't there. Or as soon as there's a bounce in the stock price, much more stock is issued and dilution occurs.

The ISM Non-Manufacturing, or services reading, came in under the positive levels again, but these were very close to positive if you removed that employment portion of the number. Today was a day where commodities were weak and overseas markets were weak more than anything. We still think investors are trying to trim down positions and temper expectations for earnings season starting this week and next.

Here were today's unofficial closing bell levels:

Dow 8,324.87 +44.13 (0.53%)
S&P 500 898.70 +2.28 (0.25%)
Nasdaq 1,787.40 -9.12 (-0.51%)

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Analyst Upgrades

• McAdams Wright expects Dendreon's (NASDAQ: DNDN) near-term momentum to continue but has long-term concerns that Street estimates are too high. The firm upgraded shares to Hold from Sell.
• JPMorgan upgraded Ameristar Casinos (NASDAQ: ASCA) to Overweight from Neutral to reflect valuation, potential catalysts from Colorado's easing gaming regulations, and the company's strong free cash flow. The firm raised its target on shares to $24 from $20.
• Citigroup upgraded Valspar (NYSE: VAL) to Hold from Sell after channel checks indicated paint demand is shifting to big-box retailers, the company's primary sales channel. The firm raised its target on shares to $22 from $19.
• Vulcan Materials (NYSE: VMC) was upgraded to Buy from Neutral at UBS.
• Altera (NASDAQ: ALTR) was raised to Outperform from Sector Perform at RBC Capital.
• Spectra Energy (NYSE: SEP) was upgraded to Neutral from Sell at Goldman.

Analyst upgrades:

• Citigroup upgraded Emergency Medical Services (NYSE: EMS) to Hold from Sell as it believes earnings estimates and valuation multiples could expand should Congress extend insurance coverage to the currently uninsured. The firm raised its target on shares to $38 from $29.
• JPMorgan upgraded Deutsche Bank (NYSE: DB) to Neutral from Underweight on expectations the company's fixed income business will drive earnings.
• KeyBanc expects U.S. Steel (NYSE: X) to benefit from a global recovery in flat-rolled products and a potential stabilization in energy end markets. The firm upgraded shares to Buy from Hold.
• Yahoo! (NASDAQ: YHOO) was upgraded to Buy from Hold at Soleil.
• Pinnacle Financial (NASDAQ: PNFP) was upgraded to Equal Weight from Underweight at Stephens.
• BP Plc (NYSE: BP) was raised to Buy from Hold at ING Group.

The jobs data was so wide apart, that it just trough everyone for a big loop. With 9.4% unemployment rather than 9.2% and with non-farm payrolls contracting at -345,000 rather than by more than -500,00, traders had trouble on and off all day long. The BLS even denied rumors that there were errors.

Here were today's unofficial closing bell levels:

Dow 8,763.29 +13.05 (0.15%)
S&P 500 940.10 -2.36 (-0.25%)
Nasdaq 1,849.42 -0.60 (-0.03%)

Top 10 Analyst Calls

Analyst upgrades:

• Baird upgraded Nike (NYSE: NKE) to Outperform from Neutral on expectations the company will benefit from the drop in the U.S. dollar and continued solid trends in athletic footwear. The firm raised its target on shares to $69 from $61.
  
• Deutsche Bank upgraded Temple-Inland (NYSE: TIN) to Buy from Hold as it believes the company is well positioned for cyclical turnaround in the Paper/Building Products space. The firm raised its target on shares to $19 from $11.
  
• Goldman upgraded Diageo (NYSE: DEO) to Buy from Neutral to reflect the current valuation and the company's exposure to emerging markets.
• Deutsche Bank (NYSE: DB) was upgraded to Hold from Sell at ING Group.
  
• Banco Santander (NYSE: STD) was lifted to Buy from Hold at Deutsche Bank.
  
• Jackson Hewitt (NYSE: JTX) was upgraded at Oppenheimer to Outperform from Perform.

What makes a good speculative stock? A great story? A low price? No and no. Stories are fun, but they're no way to invest. A low price doesn't mean anything if there isn't a company with assets or earnings.

My idea of a good speculation is a turnaround situation or a company with high book value selling at a price well below it. Here are five stocks that fit in these two categories.

If you have been waiting and hoping for a pullback of any size, the moves here are probably starting to make as much sense as using the notion that you should buy just because a company is keeping the same dividend it has always had. The markets screamed higher again today on the heels of some very solid housing data and that has the bulls firmly in charge again. In turn, market bears are becoming about as popular today as management of troubled banks. Here were today's unofficial closing bell levels:

Dow 8,410.81 +198.40 (2.42%)
S&P 500 907.24 +29.72 (3.39%)
Nasdaq 1,763.56 +44.36 (2.58%)

Top Analyst Upgrades and Downgrades

Today was one of those strange rally days that had very little to do with earnings. The GDP data was much worse than estimates on the surface, but there was a positive twist to it on spending and inventories are low enough that this could mark the back-side of the crest.

The FOMC voted to keep rates steady at 0.00 to 0.25 percent, but even the FOMC sounded more positive on the economic outlook. Here are the unofficial closing bell levels:

Dow 8,185.73 +168.78 (2.11%)
S&P 500 873.64 +18.48 (2.16%)
Nasdaq 1,711.94 +38.13 (2.28%)

Top Analyst Upgrades
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Dendreon Corp. (NASDAQ: DNDN) shares more than doubled in early morning trading. But this may be somewhat misleading as the 100% surge is following Tuesday's 45% decline that caused a halt in trading.

As promised, on Tuesday, Dendreon released detailed results of its innovative prostate cancer drug Provenge. Ahead of the results, the stock plunged some 45% to $11.81 before trading was halted at 1:27 p.m. following two minutes of high volatility. Trading resumed last night and the Nasdaq said it would let stand all the trades.

Dendreon (NASDAQ: DNDN) closed at $21.55. DNDN will report detailed Phase 3 IMPACT (Immunotherapy for Prostate AdenoCarcinoma Treatment) this afternoon. DNDN May call option implied volatility is at 211, puts are at 190 according to Track Data, suggesting large price movement.

streetTracks Gold Shares (NYSE: GLD) is recently down 70 cents to $88.31 in pre-open trading. Gold is recently down 1.10% to $898.65 according to Bloomberg. GLD May option implied volatility is at 29; June is at 30; below its 26-week average of 38, according to Track Data, suggesting decreasing price movement.

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