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The stock market recovered from earlier losses after a string of poor economic data threatened to curtail recent gains. The housing market may be forming a bottom, however.

Investors sold-off stocks today as jobs growth last month supported the notion that the U.S. may be very likely heading into a recession, and the Fed may finally be forced to step in.

Stocks are gradually making their way lower as investors may be tired out from August's dip and rally. Key jobs report and President Obama's proposal also has Wall Street on edge.

Expect a technical rally today. Resistance to upside starts at DJIA 11,460 (S&P 500: 1210). Market needs the Big money to buy aggressively.

The blue-chip Hang Seng Index plunged 300 points in the morning before a rally in Mainland markets helped erase most losses by mid-day. However selling pressure emerged in the afternoon.

Hope that Europe would solve its debt crisis fueled a relief rally in early trading in Hong Kong following Monday's plunge, but the rally faded in light turnover.

I have been looking for a buying opportunity but not at these levels. Test of August lows possible after a Fed rally next week. New buying is risky.

Faiure of European finance ministers to tackle the region's debt crisis was one big factor, along with a rise in Hong Kong mortgage rates and a drop on Mainland markets.

With gold sliding alongside pummeled equities and weak global growth forecasts the dollar is emerging as the most unlikely of safe havens. Eurozone concerns and a cap on the Swiss franc have been among the drivers of the trend.

Precious metals seemed to lose their luster this week as investors attempted to sell off wins to account for the losers in their portfolio. With a seemingly declining value as a safe haven against the dollar the precious metal bull run of the last several months may be coming to an end.

Much of the market news from Europe and the Fed was overshadowed by the passing of Steve Jobs, Apple's iconic CEO, at the age of 56 after a long battle with cancer.

When all nine Sectors are in a technical short condition, is it time to start buying hand-over-fist? Probably not. It's always darkest before dawn, but there's still too much risk in the market.

Despite Alcoa's disappointing kick-off, investors continue to be optimistic about earnings season. The Fed is expected to release minutes from its last meeting, in which it announced Operation Twist.

The Market is telling us it believes Europe can effectively address its bank and debt woes. Buyers getting aggressive, charts coming to life.