Before the Open (Jan 12)

Good morning. Happy Tuesday.
The Asian/Pacific markets closed mixed with a bearish slant; Europe is currently down across the board; futures here in the States suggest a sizable gap down open for the cash market. This should hardly be a surprise. As noted over the weekend and yesterday, the market’s uptrend is solid, but it needs a break. The S&P has now rallied 6 consecutive days and 13 of the last 15. Here’s the S&P chart.

Alcoa (AA) unofficially kicked of earnings season this morning with disappointing results. The stock has been on a huge run the last month and was poised to give some back regardless of their results.
I’m going to repeat here what I’ve said many times. You have to be either shorter term oriented or longer term oriented. You can’t be middle of the road – otherwise you’ll get stopped out at exactly the wrong time. You’re either ahead of the curve taking profits or using loose stops to ride a move for all it’s worth. Given the extent of the recent move, you’ve already made your decision. Now execute it and don’t second-guess yourself. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports and Economic Numbers