Here is the last 5 days of the SPX. As you can see, 932 was the "line of death" that the bulls needed to breach before any threat of a correction was over.The got there and failed sevral times to breach it, and it looked like we might have headed down after that. CNBC undoubtably saw it, too, when they said "Get that idiot Liesman out there to say Roubini is turning bullish."
Here is the offending video:
Notice how he uses the wiggle words "Rueters quotes Roubini", quotes that, as Roubini said after the close, were taken horribly out of context. Journalism has come to a sad state of affairs.
944 is the midpoint between 932 and 956, and is also yesterday's high. Today it is XLB and XLE leading up, XLI and XLU leading down, XLI on GE's earnings. BAC and C reported this morning, and although they are positive, investors seem a little wary of their glowing reports.Relative strength is in the Dow, relative weakness the Nasdaq and Russell 2000.
I have been waiting for Rolling Stone to post this article on the website. If you haven't read it, be sure to save it before they take it down.
There are 62 new highs so far, with possible breakouts in BCRX, NTES, KONG, and CKSW.
There is nothing on either watchlist reporting earnings today.
Charts courtesy of stockcharts.com