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April 03, 2012 at 09:30 AM EDT
Are Banks Stocks Setting Up As Short Sales?
Tuesday, April 3, 9:25 a.m. The banks stocks have had a good run, leading the way along with the tech stocks since October. But having reached the resistance at their peaks of last spring are they leading candidates to lead the way down in any Sell in May and Go Away correction again this year? [...]

Tuesday, April 3, 9:25 a.m.

The banks stocks have had a good run, leading the way along with the tech stocks since October. But having reached the resistance at their peaks of last spring are they leading candidates to lead the way down in any Sell in May and Go Away correction again this year?

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Recent economic reports from the housing industry indicate the previous signs of a bottom in housing were premature, making it likely the backlog of foreclosures and pressures for loan modifications will return to being a headline problem for banks. Then there is the problem of adapting to regulations that have cut into their previously most lucrative profit-centers, especially finding ways to build profits and fees in a continuing weak economy.

A sector to watch closely for potential short-sales.

Got to cut it short this morning and get back to work for subscribers on the new issue of the newsletter, due out tomorrow.

To read my weekend newspaper column ‘Don’t Shrug Off Similarities To Last Two Aprils!’ Click here.

Yesterday in the U.S. Market.

A positive day to begin the new quarter. Still on continuing low volume of 0.76 billion shares traded on the NYSE.

The Dow closed up 52 points, 0.4%, the weakest of the indexes for a change. The S&P 500 closed up 0.7%. The NYSE Composite closed up 0.9%. The Nasdaq closed up 0.9%. The Nasdaq 100 closed up 1.1%. The Russell 2000 closed up 1.2%. The DJ Transportation Avg. closed up 1.0%. The DJ Utilities Avg closed up 0.5%.

Gold closed up $9 an ounce to $1,677.

Oil closed up a big $2.11 a barrel at $105.13 a barrel.

The U.S. dollar etf UUP closed down 0.3%.

The U.S. Treasury bond etf TLT closed up 0.3%.

Subscribers to Street Smart Report: In addition to the information and charts in your premium content area of this morning’s blog, the new issue of the newsletter will be available tomorrow in the subscriber area of the Street Smart Report website.

Yesterday in European Markets.

European markets also closed up quite sharply yesterday. The London FTSE closed up 2.3%. The German DAX closed up 1.6%. And France’s CAC closed up 1.1%.

Asian Markets Were Mixed Last Night.

The DJ Asia-Pacific Index closed up 0.6%. China’s markets were closed for a holiday.

Hong Kong ended a four-day losing streak.

Among individual markets:

Australia closed up 0.2%. Hong Kong closed up 1.3%. India closed up 0.7%. Japan closed down 0.6%. Malaysia closed up 0.2%. New Zealand closed down 0.6%. South Korea closed up 1.0%. Singapore closed down 0.1%. Taiwan closed down 1.3%. Thailand closed up 1.0%.

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Markets This Morning:

European markets have given up earlier gains and are now negative. The London FTSE is down 0.2%. Germany’s DAX is down 0.3%. France’s CAC is down 0.7%

Oil is down $.61 a barrel at $104.62.

Gold is down $3 an ounce at $1,674.

This Morning in the U.S. Market:

This week is a very important holiday-shortened week for potential market-moving economic reports, including the ISM Mfg Index, Factory Orders, the ADP Jobs Report for March, and on Friday when the U.S. Market will be closed for the Good Friday holiday, the Labor Department’s Employment Report for March. To see the full list click here, and look at the left side of the page it takes you to.

Yesterday’s reports were mixed. Construction Spending declined 1.1% in February versus the consensus forecast of economists for a gain of 0.7%, and the previously report for January was revised down from a decline of 0.1% to a larger decline of 0.8%. But the ISM Mfg Index showed a small increase to 53.4 in March from 52.4 in February, almost meeting the consensus forecast of 53.5.

Today’s reports will be Factory Orders, which will be released at 10 a.m., and the minutes of the Fed’s last FOMC meeting, which will be released at 2 p.m. Auto sales will be released through the morning. So far they are looking positive.

Our Pre-Open Indicators:

Our pre-open indicators are pointing to the Dow being down 40 points or so in the early going.

To read my weekend newspaper column ‘Don’t Shrug Off Similarities To Last Two Aprils!’ Click here.

Subscribers to Street Smart Report: In addition to the information and charts in your premium content area of this morning’s blog, the new issue of the newsletter will be available tomorrow in the subscriber area of the Street Smart Report website.

I’ll be back with the next regular blog post on Thursday morning at 9:25 a.m.

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