Nasdaq Composite Manages Third Weekly Gain

U.S. stocks fell today, with the Nasdaq Composite posting a third weekly gain, as investors considered results from companies including Intuit and another downbeat economic report, this one on housing.

Sales of existing homes fell last month to their lowest in more than a year, with the National Association of Realtors reporting sales in January fell 5.1 percent versus expectations for a 3.5 percent drop.

On Friday, the president and opposition leaders in the Ukraine signed a tentative agreement to end violence in which 77 people were killed, but Nolte downplayed the notion that the deal helped propel stock gains, saying that stocks were not in decline while the bloodshed was occurring.

Equities cut their gains after Dallas Fed President Richard Fisher said he would continue to promote the central bank rolling back on its monthly asset purchases.

European markets closed mostly higher, despite unrest in nearby Ukraine, which canceled plans to raise $2 billion by selling bonds to Russia. Asian markets ended mixed.  To top of page

New Sources: CNN Money and CNBC

Market Update:

Well, I guess it followed my script today trading flat in the end.  The market was flirting with a new all-time high before declining to close out the day slightly down.  Option expiration days don’t tend to be particularly eventful days, as the powers that be try and pin the SPY to a particular round number.  Call me a conspiracy theorist, but I have just seen it too many times.

Anyhow, it is still difficult to see were this is going from a technical standpoint.  It probably should dip some more before it can go back up.  But then it can also continue up and cause a buying stampede at the breakout of a new all-time high!  We shall see.