Morning Brief Friday July 20, 2012

Good Morning. Today being options expiration there is zero economic data being released. Not even a Fed speech is scheduled. Dare I say we are likely headed for another painful, low volume paint drying session.

The past number of Friday’s have all closed higher in anticipation of some form of central bank intervention over the weekend. Yet an equal if not higher number of Mondays have sold off as reality sets in. So at what point do Friday’s begin to selloff into the close as traders prepare for the Monday selloff? Or is the desire to not miss out on some form of intervention simply too great? Right now the latter would win out in this market.

We continue to get mixed messages from earnings, though spun positive from the media. The biggest theme seems to be a meet on the bottom line of often revised lower estimates and a miss on the top line. And forward guidance has been weaker than anticipated. 

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