Bulls See Super Week Ahead
Updated from 7:40 a.m. EST
NEW YORK (TheStreet) -- The major market averages fell last week for the fourth straight time, but the Dow Jones Industrial Average's rally late Friday has put a lift under sentiment turning it bullish to kick off a new trading week.
As of 9:15 a.m., survey-takers who were bullish totaled 51.1%, or 992 of the 1,941 votes cast in TheStreet.com's RealMoney Barometer Poll. Those who were bearish tallied 34.9%, or 677 of the votes cast, while 14%, or 272 participants in the poll were neutral.
Poll-takers chose banks and precious metals to lead the charge for the bulls, with banks holding a slim lead as the sector viewed most likely to rise this week. As far as declining sectors go, metals came in first place, followed closely behind by banks.With the fourth-quarter earnings season beginning to wind down -- reports are expected this week from the likes of Electronic Arts (ERTS), Pulte Homes (PHM), Walt Disney (DIS), Sprint (S), Coca-Cola (KO) and Viacom (VIA) -- the focus again turns to job creation as President Obama is scheduled to meet Tuesday with leaders in Congress to discuss ways to increase employment and boost the economy. And in his weekly radio address on Saturday, Obama called on Congress to use $30 billion from the Troubled Asset Relief Program to begin a program that would provide loans to small businesses. It was jobs, as well as European debt concerns, that played a part for a wacky day of trading on Friday. The Dow topped 10,000 at the close, after losing as much as 167 points during the session. For the week, the Dow lost 0.6%, Nasdaq fell 0.3% and the S&P 500 dipped 0.7%. Earlier in the day Friday the government released mixed messages on the labor picture. The Labor Department said nonfarm payrolls declined by 20,000 in January, when analysts expected a rise of 15,000, but the unemployment rate fell to 9.7% vs. estimates the rate would hold steady at 10%. In corporate news, CIT (CIT), the commercial lender, named John Thain, former Merrill Lynch chief, as its new chairman and chief executive. Thain is the former chief of Merrill Lynch, which was acquired by Bank of America (BAC) in late 2008. > > Bull or Bear? Vote in Our Poll The poll closed at 9:15 a.m. On Monday in Asia, stocks in Tokyo fell 1.1%, while the Hang Seng in Hong Kong declined 0.6%.
As of 9:15 a.m., Britain's FTSE 100 was mostly unchanged. The DAX in Frankfurt was gaining 0.6%.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV