Google (GOOG | 688.01 [+10.76]) moves higher at opening yesterday and continued to move higher throughout the day. It has reached its highest level since the final quarter of 2007. After the Apple lawsuit results broke Monday, analysts expected GOOG to be hurt by restrictions on Samsung phones. GOOG had a steep decline of about 15 points at the bell on Monday. Those who sold on Monday learned a valuable lesson, as the stock jumped almost ten points from last week and twenty points from Monday.

S&P Futures (1402.00 [-0.50]) trading below fair value as the market continues to be inactive. The S&P (SPY | 1410.49 [+0.08%]) hasn’t closed with a one percent move in either direction since August 3rd.

Traders are waiting for Federal Reserve Chairman Ben Bernanke’s speech Friday in Jackson Hole, WY. Also to be announced this week, U.S. jobless claims estimated to stay within the range of 365k to 375k. Claims have been down since mid-April, by almost 100k. Jobless claims measures the number of individuals who have filed for unemployment insurance for the first time, making it a poorer measure of economic health in an economy with high unemployment since 2009. The report is released at 8:30am EST. 

Alex Kalish has a masters in economics from Suffolk University.