US stock futures are marginally lower Wednesday as the debt ceiling issue remains unresolved. To this point the market has held up reasonably well in the face of a disastrous default, and it appears investors are essentially assuming a deal will get done. Hopefully we aren’t giving our self-interested politicians too much credit. A ratings downgrade for US debt is becoming increasingly likely, and swaps on US debt rose to a 17-year high.

While the debt debacle hasn’t led to a potent sell-off, it has taken some of the sting out of what has been a strong earnings season. Most market leading stocks, especially in tech, have exceeded growth and sales expectations. Apple Inc. (NASDAQ:AAPL) has turned back up after a brief post-earnings dip following a stellar report, and it appears the stock wants to go much higher. Google Inc. (NASDAQ:GOOG) gapped up huge earlier in the season following a nice report, and it looks likely to make all-time highs later this year.

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The most recent report came after the bell yesterday from Amazon.com Inc. (NASDAQ:AMZN). The online retailer beat on EPS ($0.41 vs $0.35 estimated) and revenues, and investors are buying up the stock following the report. AMZN looks set to open about 6.3% higher today.

Las Vegas Sands Corp. (NYSE:LVS) also reported a strong quarter after the close, bucking its recent trend of earnings disappointments. Wynn Resorts Limited (NASDAQ:WYNN) is by far the cream of the crop among the casino stocks, and also had a strong report early in the season, but LVS has now busted out of a long-term downtrend with the earnings gap up. The stock is set to open nearly 5% higher.

We have seen some much-anticipated IPOs this year with the likes of LinkedIn Corp. (NASDAQ:LNKD), Yandex NV (NASDAQ:YNDX), and Pandora Inc. (P), and the next on the docket today is a slightly different breed. Dunkin’ Brands (NASDAQ:DNKN) has priced 22.3 million shares at $19 (above the initial $16-18 range), and traders will be watching the new issue closely. It isn’t a wild-card internet IPO, but rather a strong brand and more known commodity.

Yesterday Rare Earth stocks, which are no strangers to 10%+ days, got a massive boost yesterday amid talk of shortages. North American Rare Earth suppliers are attempting to break the Chinese dominance of the sector. Leader Molycorp Inc. (NYSE:MCP) surged 6.5%, Rare Earth Res Ltd Ordinary Shares (NYSE:REE) jumped 9%, and Avalon Rare Metals (NYSE:AVL) moved nearly 7%, but gave back nearly all of those gains after hours following a secondary offering.

Many traders will be keeping things light today and through the rest of the week until some resolution to the debt ceiling.

Scott Redler
Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader. Scott Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Scott moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, he maintained his status as a top trader in the industry while working closely with all traders in the firm to dramatically increase performance. Scott has participated in more than 30 triathlons and one IronMan triathlon, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business and Bloomberg, and he has been quoted in the Wall Street Journal and Investor’s Business Daily among other publications. Scott produces much of the media and content available to subscribers and followers. T3LIVE.com is an online financial media network and education platform that provides active traders and investors with market analysis, real-time access to strategies, and in-depth training from real traders, real-time.

*DISCLOSURE: Scott Redler is long SPY, JPM, AAPL, V, MS, BAC, FXE, MCP, SLV, DANG, YNDX, LVS calls. Long AMZN calls, short AMZN stock.

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