U.S. equity markets stayed in their stagnant trading range today. The S&P traded between 872 to 883 today before finally closing at 879, down -0.41%. It was another losing week for the popular average as the S&P 500 posted its fourth straight week of losses.

Today on the Buzz and Banter Professor Jeff Cooper gave his thoughts on today’s S&P 500 action.

“Despite the morning sling shot after the daily chart on the S&P turned down, stocks have rolled over again triggering an ORB or opening range breakdown.

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"A measured move from the June high to the first low at 888 and then measuring from the snapper high at 932 counts to 864 if the undercut of the morning range doesn’t illicit the prodigal squeezage.

But the strategy in 4 letters seems to be golf. It’s a lazy hazy summer day on a Friday and the chatter is M.M.’s aren’t going to step up to the plate til they see the proverbial 10% correction.”

As for next week all attention will be on earnings season and right fully so. Traders will be watching to see if corporate earnings justify the rally in the stock market. Among the big names reporting next week are: Goldman Sachs (GS), Intel (INTC), Google (GOOG), General Electric (GE), Bank of America (BAC) and many more. Check out the trading radar for the complete list.

Today on the Buzz and Banter, Professor James Kostohryz gave his short-term outlook for earnings season.

“At the risk of sounding obvious I will make two observations about the US market in the short term:

“ 1. At this moment, the overall psychology has dramatically shifted to one that is placing a premium on bad news and a discount on good news.

“ 2. Earnings will be the main fundamental driver for the market in the next 2-3 weeks.

“At current levels reward/risk seems pretty good on a trading basis. This is particularly true given my positive outlook for earnings. Upside could easily be to S&P 920 while downside beyond 850 seems fairly unlikely in the short term unless there is major unexpected news."

Next week will be very data dependent. Rest up Minyans, the show’s about to get good!

Have a great weekend!