It was slow summer options expiration Friday as stocks languished for the day. Investors were most likely burned out after a rip roaring week that saw the S&P 500 move up from 875 to 940, snapping a four week losing streak and more importantly putting the index right up near the 950 level.

For the day, the S&P 500 closed at 940, down 0.04%, practically unchanged from yesterday’s closing prices. Why do we even show up to work on these summer Fridays?

I’ll answer my own question, today could actually turn out to be a pivotal turning point for the S&P 500. Today on the Buzz and Banter Professor Jeff Cooper explained why.

“Is this weeks thrust reminiscent of the thrust of the March low?

“Could be a breakout. Could be an exhaustion in which case I would indicate a Spike & Reversal pattern and that the move up has been an option expiration runaway squeeze play rather than the normal wall of worry leg up.

“One of the reasons I think that is possible is that the normal corrections that accompany a normal leg up have been absent. That suggests a Spike & Reversal pattern from what is massive resistance at the opening range of the week for 2009---940 S&P.

“Interestingly, a Square of 9 chart shown yesterday and seen here reveals that 940 is opposite July 14/15th.

In my experience tuning points and square outs seem to be more powerful when the market is magnetized sharply smack into a potential time/price target.”

No action in the indices today but we did see a reaction to earnings reports. Google (GOOG) was down -2.79% after posting inline numbers, IBM (IBM) was up 4.32% after exceeding the Street's expectations, after quite possible posting the more difficult to understand reports in history, General Electric (GE) was down 6.05%, Citigroup (C) was down 0.33% and Bank of America (BAC) was down 2.13%.

Earnings season will really kick off next week most of the S&P 500 will report second quarter results. Check out the trading radar for a preview and list of all major companies reporting earnings.

Next week will be longer then this week so rest up over the weekend. Have a great one!