Minimal losses on Monday, minimal gains on Tuesday. One common factor from both days is dip buyers are not far behind any downside move. Unfortunately for many of the underinvested wanting to be in the game, it’s not a patient bunch out there buying the dips. This makes every pullback extremely shallow. So far in ’12, this market will not come to you, you have to go get it. Slowly, but surely the market is working itself to the initial target off the SP1327 trend-line break…”(eventually to SPX 1350’s this time, if it occurs)”.
A relatively quiet start to the week on the macro and corporate front is helping out the directionless trade. Today, if anything, Bernanke echoing last week’s testimony and not ruling out QE following NFP# was enough to turn this market off day lows. Not much on calendar until Draghi/ECB (Thurs.) and Bernanke speaks again on Friday, (but this time it’s on housing, which might be more important in its relationship to QE/MBS).
A slew of decent earnings to consider this week, some familair past names from here, HAR in '10, TDG a breakout play in '11,