Tuesday was a disaster

Tuesday was an unexpected disaster on the stock and brought back memories of last August through October. Today the S&P500 broke the $1370 support level a closed below the 50 day moving average. The Small Cap also tanked another 2.38%, well below the 50 day moving average. International fund also continued to drop another 2.14%. Everything is Red for the month of April except Bonds and the G-fund.

Now that we got all that crap out of the way, Alcoa reported earnings tonight after the market closed and everyone to the person, (reporters), were calling for Alcoa to miss its number big time. Guess what? Wrong!! The actually blew their numbers out of the park. Even though they fell compared to the year prior, the point was what was expected and what was reported. Why do I mention this? All companies this quarter are expected to miss their expected earnings or come in weaker. So if Alcoa is a sign and keep in mind this is just one report, maybe these yahoo’s will be wrong and companies will actually report better than expected and the the markets will reverse quickly.

This is just a possible scenario and the next big report comes out Thursday when Google reports profits. Till then, who knows what to expect in the market. Tomorrow based on what I see so far in the pre-market is slight increase up over todays closing. Alcoa, is currently up 5% in the pre-market.

Pain meter is out and I have not determined when I will be bailing. Just know it is very close.