Good news aren't that good anymore

Here we are kicking the first day of May with mixed market.

Market seems indecisive today, whether it will agree with yesterday conclusion to continue a HEALTHY, NECESSARY pullback to 12.990 area or to form a rising stairs to another record breaking high.

The Dow is up around 11 points now, while the Nasdaq down 6 points and the S&P down 0.71 points.

March pending home sales has reported a 4.9% decline in home sales also credit some of the concerns that investor have.

More and more good news are not that good anymore. For example Procter and Gamble posted an increase in profit but they lowered outlook for the next fiscal year, with $0.74 EPS vs estimates $0.74. Shares of PG are down around 2.3% right now.
VMC also has been trading lower as much as 5% after the bell right now. This conforms their tanking yesterday during after hours.

"Big Uncle" Tom Bernanke gave a speech on free trade earlier today. He maintained his vision that US is not interested in protectionist policies. However there were no other comments about the economic outlook, or Fed policy. Therefore market had little regard of his speech.

Looks like the old wall street saying "go away in May" is reflected in this mid day of first May.

Technorati Tags: earnings release,technical analysis,stocks market,fundamental analysis