Today the market was not in good mood even after good earning news from Apple (AAPL). This is somewhat similar to the scenario predicted by Mr. Bill Cara’s in his today’s blog article. Is today the day of turning point to bear market?

Curiously, even though AAPL has taken flight, S&P futures after the close were only modestly higher. This morning there are more earnings beats, so the bullishness is building. However, if the broad market fails to respond to all this good news, traders need to be alert for a bumpier ride ahead.

Here are some of today’s highlights.
Boeing Co. (BA) fell after an analyst downgraded shares on concerns the aerospace company’s marquee aircraft will be delivered late. BA will report earnings tomorrow. Boston Scientific (BSX) plummeted more than 15% after they forecast disappointing earnings on slower sales of its implants. MetroPCS Communications Inc. (PCS) and Leap Wireless International Inc. (LEAP) fell as Goldman Sachs predicted disappointing quarterly results.

Tomorrow (10/21) We have earnings report for Wells Fargo & Company ( WFC) and Boeing Co.(BA).

As Bill has warned us, I think we should be closely monitoring the market for the next few days and possibly put tight stop.

Here are the RSI7 for the above mentioned stocks. Notice that we have Accumulation zone for PCS and Buy alert for LEAP. But just I recommend you to hold just for few more days.

Stock Market closing for 10/20/2009

• Dow Jones Industrial Average ( DJIA ) : 10041.48 Down 50.71
• Nasdaq Stock Market : 2163.47 Down 12.85
• S&P 500 : 1091.06 Down 6.85
• Gold : 1052
• Oil : 79.09v
• Natural Gas : 5.18