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Good News From Banks Isn't Good Enough


The overnight rally in the SPOOs was eradicated just before the stock market opened, then the indices slid some more, such that a couple of hours into the session they were sporting modest losses. I suspect that was a surprise to many bulls, as they expect earnings to power stock prices even higher (mostly because they don't understand the immense power QE had and that without it the market would be much, much lower).

Bank Shot Speaking of earnings, great numbers on the part of Citigroup and Wells Fargo not only didn't take those stocks up, they were sold, which probably explains the early weakness. It will take more of that sort of action to really cause some consternation on the part of the bullish contingent, and if that happens when the tech sector starts to report, which I suspect it easily could, we will have another leg lower very quickly.

Turning back to the action, the market flopped around in a wide range in the afternoon, but closed about where it was mid-morning, leaving bulls and bears both frustrated most likely.

Away from stocks, green paper was mixed, oil was flat, fixed income was a tiny bit higher, and the metals rallied, led by silver, which gained 1% to gold's 0.75%. The miners behaved decently for the most part, making that two out of the last three days. That is not yet a trend, but it is a slight change. And you have to start somewhere.

Positions in stocks mentioned: none.