Today was ugly for the bulls. Once again, the S&P 500 failed a test of it’s 200 DMA. What’s worse it that it, along with the other major indices broke their war rally up-trends today. Normally I’d be climbing into my bear suit and looking for stocks to short, but I’m wary about the market’s response to the coming earnings flood. So I’m in wait-and-see mode. There are some important earnings reports (C, BAC, MSFT, INTC, TXN) due out next Monday and Tuesday which should set the market’s tone.
