Market news - Jan 20

1. Google missed earnings yesterday, was down 10% in after-hours trading.
2. IBM, Intel, Msft, American express reported better than expected earnings, were trading higher after-hours.
3. General electric beat earnings, but missed revenue expectations and shares were down 2% in pre-market trading. The company says focus will be on increasing dividends this year. This is a buy signal for us, but wait for a 8-10% pullback in the stock.
4. Greek creditors are likely to be presented a deal with a 65-70% haircut. Talks to continue at 12:30 pm EST today.
5. ZNGA, SHLD trading higher in early trading.
6. Annualized Existing Home Sales in December Rise 5 Percent to 4.61 Million, Less Than Expected 
7. Key to watch today is that options expire today, so short covering rallies might occur in some stocks. 
8. Oil prices are lower because US Dec gasoline demand down 4.3% from last year, US Dec distillate fuel demand down 4.9%, US Dec jet fuel up 7.1%, US petroleum demand down 1.2% in 2011 to average 18.9MBPD compared to last year.