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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (49014)	1/11/2013 4:06:57 PM
From: Johnny Canuck	1 Recommendation Read Replies (1) \| Respond to of 70746

Market Snapshot Archives \| Email alerts Jan. 11, 2013, 3:11 p.m. EST Huge stock fund flows have Wall Street abuzz Lipper data show whopping weekly inflows into stock funds Stories You Might Like Icahn Now in Herbalife Fray? Miners weigh on FTSE 100, banks advance Washington ‘clowns’ set up 42% stock-market drop 64 Comments Share new Portfolio Relevance LEARN MORE By Polya Lesova, MarketWatch NEW YORK (MarketWatch) — With the S&P 500 near a five-year high and data showing whopping inflows into stock funds at the beginning of the year, the cult of equity may not be quite dead yet, after all. In a relatively quiet trading day, Wall Street was abuzz on Friday discussing the latest fund flow data from Lipper. Equity funds, including exchange-traded funds, took in $18.3 billion for the week ended Jan. 9, the fourth largest net inflows since Lipper began calculating weekly flows in January 1992. Some $10.8 billion poured into equity ETFs, while mutual funds took in more than $7.5 billion, their largest inflow since the week ended May 2, 2001. Read MarketWatch’s Tell blog for more on stock flows. The data are not entirely surprising given that the stock market rallied after Congress managed to cobble together a last-minute budget deal to avert the fiscal cliff. But the trend was enough to get observers wondering if investors were finally ready to stop sulking over the last bear market, and get back into equities. Is this the “start of the great rotation?” wrote markets writer Matt Phillips at QZ.com. Read more on cash pouring into stock funds. On Friday, investors largely retreated to the sidelines, with the major stock indexes little moved in afternoon trade. The S&P 500 index SPX -0.01% slipped 1.53 point, or 0.1%, to 1,470.60, with financials the biggest decliner and information technology the top gainer among its 10 industry groups. Click to Play U.S. week ahead: Earnings escalate Earnings season gets underway next week and a raft of U.S. economic data will be released. Plus, how you can tweet at Ben Bernanke. The index rose Thursday to a five-year closing high. The benchmark is on track for a weekly gain of 0.3% and is up 3.1% so far this year. “We have just come off a nice first couple of weeks of the year where we rallied pretty significantly,” said J.J. Kinahan, chief derivatives strategist at TD Ameritrade in Chicago. “I suspect there is some profit-taking today since we are near a five-year high on the S&P 500.” A recent rise in bullish sentiment, warned Bank of America Merrill Lynch strategists this week, could trigger a market meltdown by June. Read a blog post on their views. Volume was relatively low on Friday, with 344 million shares traded on the New York Stock Exchange at 2:20 p.m. Eastern time. Composite volume topped 2.2 billion. Investors were also preoccupied with earnings on Friday. Wells Fargo & Co. WFC -0.85% , the first major U.S. bank to release results, reported fourth-quarter earnings and revenue that topped analyst expectations. But the bank’s net interest margin declined to 3.56% compared to 3.89% a year ago and from 3.66% in the third quarter. Read more on Wells Fargo's results. Shares of Wells Fargo fell 1.3%. Other major banks also declined, with Bank of America Corp. BAC +0.17% down 1.8% and J.P. Morgan Chase & Co. JPM -0.02% down 0.4%. Also in the financial sector, shares of American Express Co. AXP +0.72% gained 0.6% after the firm late Thursday outlined plans to eliminate 5,400 jobs. It was one of the gainers in the Dow Jones Industrial Average DJIA +0.13% , which edged up 10 points to 13,481. Read more on American Express.