February 11, 2013-Stocks See Modest Weakness Looking to Confirm Support

Stocks continue to see modest weakness in mid-day trading on Monday after moving to the downside in early trading. While selling pressure has remained relatively subdued, the major averages are stuck in negative territory. The major averages have moved roughly sideways in recent trading, lingering modestly below the unchanged line. The Dow is down 20.72 points or 0.2 percent at 13,972.25, the Nasdaq is down 2.30 points or 0.1 percent at 3,191.57 and the S&P 500 is down 0.75 points or 0.1 percent at 1,517.18. The modest weakness on Wall Street comes on the heels of recent strength in the markets, with the Nasdaq giving back ground after ending last Friday's trading at a twelve-year closing high. The S&P 500 is pulling back off its best closing level in over five years. Nonetheless, traders seem somewhat reluctant to make any significant moves amid a relatively quiet day in terms of earnings and economic news. Traders are also keeping an eye on developments in Europe, where as Eurogroup finance ministers are meeting in Brussels.