Interestingly WFC reported 0.56 cents per share earnings report beating the estimates by amazing 19 cents difference (Estimate was 37 cents), but ended -1.53 (-5.02%) lower. JPM (-1.38 -3.00%) and BAC (-0.50 -2.94%) also closed lower today. This is somewhat proves investors do not trust financial stocks yet.

Maybe just like Bill advocated lately, the time is coming. Maybe the dollar can go up just about now to make the bear to come out. My previous post :
Dollar is down, market is up

Actually I sold half of my holdings today. I am still thinking if I should close all of my positions tomorrow. It surely takes time to monitor the stocks for the risk management, but it will pay off some day. Just be ready and prepared for the lower prices to come.

Tomorrow earning report : AT&T (T), 3M (MMM), and CIT (CIT). If the reports are worse than expected, it would trigger stronger sell off tomorrow.

Stock Closing on 10/21/2009

• Dow Jones Industrial Average ( DJIA ) : 9949.36 Down 92.12
• Nasdaq Stock Market : 2150.73 Down 12.74
• S&P 500 : 1081.40 Down 9.66
• Gold : 1058.10
• Oil : 81.11
• Natural Gas : 5.11

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