Short Term Trend Reversal or the Pause That Refreshes?

11:12 ET The DJIA - 33 points, SPX -0.05 points, Nasdaq -5.45 points, RUT +1.89 points, Oil +88 cents Markets have pulled back as GOOG -$9.53, continued Friday's slide. IBM is lower bouncing down from resistance. Financials stocks are higherm XLF +29 cents, AIG, BAC, UB, C, FRE and FNM are all higher. Essentially markets are pausing and consolidating last week's gains in the vicinity of their 20 DMA which is the restistance are of their short term trends. The DJIA and RUT are above their 20 DMA and the SPX and Nasdaq are just below. Watch if price action stays above or falls below key support levels. AAPL releases earnings after the close today along with other notable stocks on this weeks list posted early this morning. The reaction to AAPL's earnings is an important factor for the short-term direction of the Nasdaq market. Ag-related and coal stocks are higher. Moiving Down: MA, PCLN, STRA, FSLR, AAPL, IBM, AMZN, BRCM, MS, NKE, GS, GRMN