Before the Open (Apr 15)

Good morning. Happy Friday.
The Asian/Pacific markets closed mostly down, but losses were small. Europe is currenly mixed; there are no big winners or losers. Futures here in the States suggest a down open for the cash market.

The market staged a semi impressive reversal yesterday, but volume was weak and I didn’t sense there was excitement and enthusiasm with the move off the lows. It felt like a seller’s strike. It seemed like an innocent bounce coming off several down days. If a bottom has been put in place, the market has some proving to do.
GOOG had earnings yesterday. The street didn’t like the spending spree they went on and is giving the stock a 5% haircut to send a message to the new CEO they don’t approve.
BAC had earnings this morning. They reported a 37.5% Q1 earnings decline, but the stock is flat before today’s open.
Moody’s cut Ireland’s credit rating two levels.
The bottom line remains the same. The overall trend is up; the near term trend is not clear. And there are virtually no good set ups to be had. Trading is not hard when you trade the easy ones, the ones that jump off your computer screen at you. Right now those don’t exist. This means we have to lay low and be patient. There are lots of trading days ahead and lots of money to be made, but from time to time we sometimes have to sit tight and wait rather than force trades. That’s where I’ve been this week. I had very few good set ups coming into this week, and as I now I still don’t see many. Don’t force trades. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers