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Earnings season will continue to take a back seat to the Eurozone headlines. An unexpected meeting last night between Sarkozy and German Chancellor Angela Merkel sparked fears of a bigger rift, but it seems the market is now cheering that meeting this morning.

In the last 24 hours, notable earnings reports include Ebay (EBAY) and AT&T (T). EBAY is more than 5% lower after issuing lower than expected guidance last night, and AT&T is 2.5% lower after disappointing Wall Street this morning. Look our for Microsoft (MSFT) after the closing bell today.

Another variable to consider is options expiration this Friday. Many traders note peculiar and often untradeable action in the markets ahead of monthly options expiration, and you could see stocks pinned to popular round-number strike prices.

*DISCLOSURES: Scott Redler is short SPY

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