Bounce

{+++}I don’t know about you, but all this bouncing around is exhausting. The most fascinating sector to me right now are the financials. They are very uninspiring on a stock for stock basis, but continue to hang in there. What’s very intriguing to me is that both GS and JPM have done essentially nothing since their “big beat” on earnings last week. It seems like the solid names in the group are out of the way, that is of course if you consider Bank of America solid. Tomorrow morning Wells Fargo and Morgan report. WFC has held in very well, so a disappointment on that front could send the stock reeling. MS may be OK because they have a real business, unlike Wells.

Sandisk reported after the close and so did YHOO, both were up in after market trading. Support continues to be around 1086.50 on the SPX and 1082 on the e-minis, a break of those levels will get you 1060 as a first stop. That’s the downside level, however the bulls are still very much in charge until those levels are broken, and a close above 1100 will get the bulls even more empowered.

The material sector took a day off as the dollar caught an overdue bounce. MEE got stopped but was a solid point gainer yesterday if you took it, I wish I gave it a little more room but it’s still a hit and run market. CALI stopped as well. I took some UYM home because I am of the belief, for now, that the dollar doesn’t have the ability to rally for more than a day, maybe two.

Keep your eye on FCX in the morning as they report pre market, it’s in a hot group.