Edited by Robin Goldwyn Blumenthal
DON'T LOOK NOW, BUT A BELLWETHER index compiled by technical analyst John Roque, managing director of WJB Capital Group, continues to flash equity warning signs.
As the chart shows, the index, including Goldman Sachs /zigman2/quotes/209237603/composite GS +0.89% (ticker: GS), Morgan Stanley /zigman2/quotes/209104354/composite MS +0.95% (MS), Monsanto /zigman2/quotes/225322099/composite MON -0.21% (MON), Mosaic /zigman2/quotes/203825795/composite MOS +2.10% (MOS) and Freeport McMoRan Copper & Gold /zigman2/quotes/200215692/composite FCX +4.88% (FCX) -- and copper -- bottomed in November 2008 (1), well before the Standard & Poor's 500 in March 2009 (2), then peaked in January (3), and again in April, before the S&P 500 did the same at 1217.28 (4).
Though Roque acknowledges that the indicator represents an "imperfect" group, as of Thursday night's close, it was 6% below its February 10 low. This implies that the S&P 500 slips under 990, says Roque. That benchmark closed Friday at 1087.69.
Add the growth of new lows on the Big Board and Nasdaq, and the outlook isn't comforting. Look out below.
Economists expect expiring tax credit to benefit April existing-home sales.
Treasury Secretary Timothy Geithner and Federal Reserve Chief Ben Bernanke are in China for economic talks.
The SEC and CFTC discuss the May 6 "flash crash" and propose suggestions.
Markets are closed in Canada, Switzerland and Greece, among others.
Sony, Samsung CEOs meet.
BHP Billiton /zigman2/quotes/208108397/composite BHP +1.43% , Petrohawk Energy and Harris present to analysts.
IPO lockup restrictions expire on Optimer Pharmaceuticals , ViaSat /zigman2/quotes/209854515/composite VSAT +0.82% and Wilmington Trust .
May consumer confidence is seen up.
Fed Chairman Bernanke speaks about central-bank accountability in Tokyo.
Flextronics /zigman2/quotes/203929784/composite FLEX +3.18% , McAfee and Petrobas hold meetings with analysts.
The House votes on a plan to raise taxes on investment managers.
Lockup restrictions end on China Advanced Construction Materials, Owens Corning /zigman2/quotes/202113551/composite OC +2.32% and Penn Virginia.