Today seemed like another one of those hangover days after the big upside party yesterday. The major indices made very nominal changes in light of today’s April monthly options closeout session. The DOW lost 30 points, the S&P 500 shed 7 points, and the NASDAQ fell 6 today. 

Earnings had a big influence once again as the DOW was helped by a good report from V at a new all-time high and by a nice gain in lagging MSFT. Other stocks that did well on their earnings included HON, COL and SWK. On the other hand, EFII, MAT and SLB were lower on their reports.

There was one economic report today that showed March existing home sales rose by 4.4% to their best level since February 2007. This was one of the better reports during this week.

Breadth numbers were slightly negative at a 15/17 downside ratio. Naturally, the VIX was up to 14.63 for a gain of .48. This seems to be a reflection of the potential anxiety over the French elections.

Even with today’s small losses, this was the best weekly gain for the NASDAQ in four months and for the S&P it was the best weekly showing in two months. 

Next week is going to be the biggest for S&P earnings…with around a third of companies reporting. We will have the list of the most important ones in Monday’s notes. Of course the big day will be Thursday when three of the largest S&P stocks report: AMZN, GOOG and MSFT.

Donald M. Selkin 

These are excerpts from Don Selkin’s Daily Market notes, updated and edited with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning.  The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report.  This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities.  This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm.   This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author.  These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.