Where is the market headed? That is a really great question. We are very range bound it appears for the near term of the next couple weeks with the market taking profits and investors reinvesting into stocks that have moved down slightly off highs that were seen over the last two weeks. Playing the intraday investments will be tough as we try to gauge where the market will head on a day to day basis.
Some of the bearish indicators I see for today are that futures are still down slightly going into the morning. The Dow is down 13 points, and the NASDAQ has shaved off seven points in pre-market trading. The market is going to be moving on a lot of general market sentiment of whether investors want to take profits because they think the market has gotten too high or want to continue to add liquidity to the market. Investors will be eying the labor productivity, retail company results, and Fed Reserve meetings for some market direction, but there is no pertinent economic data being released today.
The only major earnings we saw were from Dish Network (DISH) and Dynegy (DYN). DISH had mixed results. While the 
company missed estimates very badly, hitting 0.14 EPS with estimates at 0.67, the company added new subscribers and kept their revenue in line with one year ago. Investors were reacting well to certain aspects of the report, sending the stock up over 8% so far this morning. Dynegy Corp., on the other hand, missed estimates again as the company’s losses continue to grow. They lost $345 million in the quarter or -0.41 EPS. Analysts had been expecting an EPS of -0.04. Here again investors have only dropped the stock 1.5% in pre-market trading.
I know Phil is sort of bearish, but I think that the market has some run left in it off that news data, hopes for more solid economic data/earnings, and decent earnings.
Asia was up huge with Japan increasing 1% and China seeing its Hang Seng gain over 2.7%. Europe, however, was slightly down as investors took a breather with little news coming out from the continent. The dollar continues to show strength, which is lending to weaker oil prices.
My guess is that we bounce off a lower start to green, but it will not be able to be sustained over the day, but neither highs nor lows of…
