Editor's Note:

The S&P 500 dipped toward support near 1300 this morning. The intraday bounce stalled just under its simple 50-dma. The market has been trading on technicals given the lack of catalysts to move stocks. This past week has been down. Currently the overnight reaction to Google's (GOOG) earnings report could spark another decline Friday morning, at least for tech stocks. Tomorrow is also option expiration Friday. I mentioned this in the play updates section. Without any catalyst to move stocks tomorrow we could see stocks churn sideways at their nearest option strike price as traders wait for the weekend.

I am not suggesting any new plays tonight. Look for new candidates in the weekend newsletter.

- James