Wall Street is looking at a triple digit rally on the Dow as economic data from China surprised to the upside. Currently Dow futures are up 119 points to 12,509. Nasdaq 100 futures are following the upside trend, adding 26 points to 2,399.50. The S&P 500 futures are rounding out the gains, up 12 points to 1,300.90.

Instead of Europe being the driving force behind market action, China is the catalyst today. Overnight they released their 4th quarter GDP numbers showing growth at 8.9%. This beat consensus expectations of 8.7%. The country did experience a slowdown overall for the year, with growth dropping to 9.2% from 10.4% the year earlier. Analysts say the China is in for a steady slowdown rather than the feared hard-landing.

Earnings season in the US is in full-swing this week as a couple major banks are expected to report results before the bell. Both Citigroup and Wells Fargo are set to release their quarterly results before the market session begins.

JPMorgan Chases and Co. reported on Friday a major drop in 4th quarter earnings. This will likely keep expectations in check this week as other banks report. Goldman Sachs and Bank of America are also slated to report this week.

Europe is following on the heels of the China with major indexes rallying across the board. The banking heavy Stoxx 600 Europe index is up nearly a percent while the UK’s FTSE 100 is adding .75%. The German Dax is leading the major indexes, up 1.74% in intra-day trading.

In commodity news a report came out over the weekend that the Saudis were targeting $100 a barrel oil. Highlighting increased expenditures by the government, the Saudis believe that the global recovery is fully underway and demand will support the prce. Said another way, the Arab Spring is expensive to keep at arm’s length in their country and they need all the oil profit they can get to quell a restless population.

Stocks to watch today include Tesla Motors Inc. (NASDAQ:TSLA), Frontline Ltd. (NYSE:FRO), Nokia Corporation (NYSE:NOK), Apple Inc. (NASDAQ:AAPL), Citigroup Inc. (NYSE:C), Bank of America Corp. (NYSE:BAC) and Venoco, Inc. (NYSE:VQ)

Tesla Motors, Inc. (NASDAQ:TSLA) is up 14.09% in pre market trading at $26.00. TSLA shares are bouncing back in pre market today following a big dip on Friday after key engineers left the company. Shares of TSLA fell close to $6 in the last hour of trading on Friday. TSLA has traded 17 thousand shares this morning and trades 1.1 million shares a day on average. The company has a market cap of 2.38 billion.

Frontline Ltd. (NYSE:FRO) is up 10.63% in pre market today at $5.10. Not a lot of recent news on FRO but it has been in an overall uptrend for more than a month now. The stock lost more than 50% of its value back in late November when it fell from around $6.50 to less than $3 following poor quarterly results. Since then it has recouped much of those losses. FRO trades 2.6 million shares a day on average and has a market cap of 358.93 million.

Nokia Corporation (NYSE:NOK) is up 6.91% in pre market trading at $5.57. NOK shares are up this morning following reports yesterday the company may be close to naming a new chairman. NOK trades 30 million shares a day on average and has a market cap of 19.33 billion.

Apple Inc. (NASDAQ:AAPL) is up slightly in pre market trading at $423.00. AAPL shares have rallied more than $50 a share since late November. Apple has earnings coming up later this month on Jan. 24. AAPL trades just over 14 million shares a day on average and has a market cap of 390.17 billion.

Citigroup, Inc. (NYSE:C) is down 2.67% this morning at $29.90. Earnings are due from Citigroup this morning. C trades 56.2 million shares a day on average and has a market cap of 89.87 billion.

Bank of America Corp (NYSE:BAC) is up 1.06% in pre market trading at $6.68. BAC is up as the market is set to open higher on economic news out of China. BAC is up more than $1.50 since mid December when it was briefly trading below $5. BAC trades 269 million shares a day on average and has a market cap of 67 billion.

Venoco, Inc. (NYSE:VQ) is up more than 50% this morning at $11.50. VQ shares are up today after the CEO of the company to acquire company for $12.50 a share. VQ trades 328 thousand shares a day on average and will more than likely eclipse that today. The company has a market cap of 451.91 million.