The market?s recent rally cooled Tuesday as stocks traded flat. The major indexes were mixed entering midafternoon.
Earnings season will unofficially begin this afternoon when Alcoa reports after markets close.
"Expectations are so low that Alcoa doesn't have to say a lot in order to beat expectations," King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco, told Reuters. "Everyone expects a double-dip recession, so all you need is a little bit of good news and markets could take off on that."
The markets are also watching Slovakia. Yes, that's Slovakia.
The fate of the euro zone rescue fund (and the possible direction of global financial markets) rests in the hands of Slovakian lawmakers.?All other euro zone member states have ratified a plan to increase the size and powers of the European Financial Stability Facility bailout fund.
Reuters reported that the Slovakian government has been forced to turn to opposition parties to push through a deal in parliament after the ruling party said it would abstain from a vote on the deal, which is intended to contain the Greek sovereign debt crisis. A delay could unhinge markets "already under pressure from signs the crisis was spilling beyond Greece's borders," Reuters?said.
The Wall Street Journal said the deal may not pass in a vote expected later today, but could win ratification?later this week after the domestic political rigmarole in Slovakia is resolved.
CNBC's Bob Pisani reports on the trading day from the NYSE.
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Source: http://bottomline.msnbc.msn.com/_news/2011/10/11/8272792-stocks-trading-flat-in-midafternoon
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