The Closing Look

Stocks opened higher but closed mixed on Friday after JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) all reported stronger-than-expected quarterly results. Sellers showed up shortly after the open and the market spent the rest of the day drifting lower. Janet Yellen gave a speech and said easy money is prudent whenever the economy gets in trouble. Next week, over 80 S&P stocks are scheduled to report earnings, including Bank of America, Netflix, BlackRock, Goldman Sachs, United Continental, just to name a few. For the week, stocks fell hard and are flirting with important support (Sep’s low).

Gary’s Thoughts: Yesterday…market opens poorly…reverses up. Today…market opens hot…reverses down. Supposed good banking earnings get sold off after strong open. Hmmm! Major indices remain BELOW support/moving averages with a decent amount of deterioration. A ton of earnings to come out in the next 3 weeks.