Evening Market Comment

Some weeks ago I noted that the extreme parabolic ascent of major market indexes like the S&P couldn't go on forever and that it was likely the S&P would level out just north of 1500 and that's where we're at.

But at the very least, the market is holding 1500 quite well. Unless data like consumer confidence tomorrow is catastrophic we could see an attempt to go higher thanks to supportive OEX going into expiration. OEX 695, or higher could spark computer driven buy programs. After that, so long as the market holds 1500 and further below 1480, we've got a good shot at taking out all time highs on the S&P. Does it completely make sense? No, but that's the lay of the land for now barring an unforeseen blow up somewhere in the world.

It sure took long enough: Wolfowitz bows to pressure and quits World Bank.

After the bell earnings developments: Intuit shares jump 8%; Focus Media lifts outlook.

Question for Bernanke: "If the housing market propelled the economy a few years back, how can you say it won't hurt the economy?" That would be my question: Bernanke plays down US mortgage woes.

Here's an example of why you should be very careful about listening to analysts ahead of earnings. An analyst at BWS Fianncial earlier today said that Marvell's (MRVL) results could spark a rally to $20. MRVL posted its results, stock up 19-cents this evening. Volume exceeded 2,000 contracts in the MRVL May20 calls... all to expire worthless tomorrow.

Research in Motion (RIMM) is finally finished! RIM says no material impact from restatement.