Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

MV Weather Report: Bulls Get Frozen Out?


Rain or shine, we review the day's biggest stock stories.

It's great to be back at Minyanville headquarters -- though I'm suffering from a little jet lag. What did I miss? Not much, though I'm told the recession is over.

And it seems I wasn't the only person to take a vacation. On today's Buzz and Banter, Jeff Cooper wrote that Hoofy appears to have gone AWOL, and the rally has stalled:

"It seems to me we've had a period of chop. The rising 20 dma on the S&P has been supportive of the trend all the way up. Chop? Been there, don't do that. There has been a series of tests of the 20 dma which has been successful. If the SP breaks its 20 dma which has moved up to the 915ish level now, I would believe what I see.

"A break below last week's low and the 20 dma and then the 882 pivot of the year could see Hoofy accelerate his vacation plans."

The market has slowed a lot here, and today's trading was another seesaw session. The big winners were the banks, led by the usual crew: Bank of America (BAC), JPMorgan (JPM), and Wells Fargo (WFC). There was also positive action in the consumer staples, as General Mills (GIS) upped its own earnings guidance.

Will the rest of the week be as slow as today's trading session? Today on the Buzz and Banter, Professor James Kostohryz gave his thoughts on the week ahead:

"There are hardly any important economic or corporate data releases of importance which should, in principle, make the trading rather "dull" and with low volume. After the steep run-up in since March, and the last few weeks in particular, this void of fundamental catalysts seems like an ideal set up for a low volume pullback as many traders may wish to lock in some profits. Using various indicators, this negative technical bias has been noted by several technical analysts in this forum, including Katie Stockton. I would add that the sell-the-good-news reaction on Friday was clearly not a positive setup going into this week.

"In sum, if the market fails to correct significantly this week in the context of the void created by the paucity of economic and corporate data releases (a close above 930 would fulfill that condition), I will interpret it as a sign of technical strength. I would interpret a close between 930 and 880 as technically neutral, whereas a close below the 880-870 area would, as Professor Cooper suggests, be highly problematic."

Have a great night, Minyans!
Position in BAC

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos