8:45am (EST)

The market played out to a reoccurring theme again on Tuesday where a sharp drop at the open turned into a comeback, followed with a slight drop by the closing bell.  Yesterday was a little different from Monday as the bulls did make a brief trip into positive territory but the negative headwinds of European debt and some cautious comments from Federal Reserve Chairman Ben Bernanke kept a lid on things.

The Dow ran into trouble after one of its blue-chips, Bank of America (BAC, $10.95, down $0.36), was rumored to be “the bank” WikiLeaks founder Julian Assange is talking about after saying his company had documents that would reveal an “ecosystem of corruption” at one of the largest U.S. banks in early 2011.  The information was “acquired” from a BofA executive’s hard drive and could unveil some juicy shenanigans.

We have been negative on BofA for awhile and we said back in mid-October when shares made a fresh 52-week low of $11.17 that this stock could be headed to $10.  We also said a break below $10 could lead to $8 with all of the negative headlines surrounding the company and it appears our crystal ball was right on with this prediction.  

Elsewhere, Tech was held in check after learning Google (GOOG, $555.71, down $26.40) was the center of attention in a new formal investigation opened by the European Commission on antitrust concerns.  The case claims Google is ripping off its customers who pay for Web advertising space, as well as search-related ads, by placing the company’s “other interests” in front of the search results.  Shares of Google fell nearly 5% for the day.

As far as the major indexes, the Dow fell 47 points, or 0.4%, to finish at 11,006 and ended November with a loss of 1%.

The S&P 500 fell 7 points, or 0.6%, by the closing bell to 1,180.  For the month, the S&P fell 0.2%. 

We mentioned the Nasdaq’s woes and the index closed below the 2,500 level for the first time in a week.  The end result was a loss of 27 points, or 1.1%, as Tech finished at 2,498. For November, the Nasdaq fell 0.4%.    

The good news?  Futures are up big-time this morning.

History shows the first trading day of December is normally bullish and it appears the bulls could actually test resistance today, for a change.  The market has experienced some consolidation after September and October’s run but managed to hold support, which was resistance, on the initial breakout.  This has been positive for the market.

The trading range we have been in since the breakout has been healthy and if we can get some good job numbers this week, the bulls could be challenging new highs for the year.

As we head to press, Dow futures are up 130 points to 11,126 while the S&P 500 futures are higher by 15 points to 1,195.  The Nasdaq 100 futures are showing a 28 point pop and are at 2,145.

We have a lot to cover in our Members Area this morning so let’s hop on it. Subscribers, check for the updates.