Last week, stocks cycled bullish yet again. In fact, the S&P 500, NYSE Composite, and NASDAQ each closed at record highs as investors positioned for the heart of earnings season in the wake of strong reports from some of the Tech giants. Notably, Utilities stocks got some renewed traction as yield-starved investors returned to the sector.

As the charts last week indicated might happen, the S&P 500 has fallen four straight days and failed to hold its breakout above 1800 while the Dow Jones Industrials lost 16,000. Only the NASDAQ is still holding on to its breakout above 4000. Although the Basic Materials sector was the leader on Wednesday, the Technology sector was strong, as well, and in fact Tech stocks have been the strongest over the past week and the past month.

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Scott MartindaleThe U.S. stock market has been reluctant to provide eager bulls with a tasty entry point ahead of the much anticipated year-end rally. Although the major indexes have seen fit to consolidate a bit and work off some of their overbought conditions, bulls have hoped for a something more substantial. But very few holders are selling these days.

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Scott MartindaleBond yields have crept back up to near multi-year highs as the bond market appears to be anticipating some measure of tapering in the Fed’s monthly bond-buying program. This undoubtedly has caused some hesitancy among stock investors, too. And then there are the looming debt ceiling and budget battles, as well as concern about slowing corporate earnings growth. And let’s not forget the comparisons to 1987 we are hearing, with Marc Faber (a.k.a., “Dr.

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Scott MartindaleWe are in the thick of earnings season, and so far the general trend has been as anticipated: modest if any top-line growth and more earnings beats than misses (albeit versus a low bar). But forward guidance has been the big decider on how the stock trades post-earnings, and the message has been decidedly mixed, as many companies have had to reduce guidance or otherwise failed to make the grade in other important growth metrics.

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Scott MartindaleLast week, the Dow and S&P 500 large caps hit five-year highs, the Russell 2000 small caps and the S&P 400 mid-caps made all-time highs, and the Nasdaq recorded a 12-year closing high. But some investors are evidently showing concern that it has all come too far too fast.

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Scott MartindaleU.S. stocks rallied on Election Day Tuesday, ostensibly in anticipation of a “surprise” Romney win. But on Wednesday, after huge dollars were spent on rancorous campaigns and attack ads that only further deepened the divide in our country, we woke up to find ourselves with the same President and divided Congress that previously failed to address the looming Fiscal Cliff.

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Scott MartindaleI was supposed to be in New York City this week, but Sandy the super storm had other ideas. Some writers are suggesting that since the storm has passed, we can all start getting back to business. But of course, some densely-populated areas In New York and New Jersey have been so devastated that normalcy is a long ways off.

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Likely Greek Default Worries Market

By David Brown, Chief Market Strategist, Sabrient Systems

After last week’s stellar performance, the markets dropped into negative territory today, as investors realized that Greece might actually be allowed to default.

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