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After Hours Earnings Deliver A Blow
Thursday delivered a green day across the board on slightly higher volume than yesterday. Even futures volume outpaced yesterday. So a nice showing for the bulls today. However, after the market closed we fell further on futures off disappointing earnings. Oil fell $5.01 to $129.59 a barrel and gold closed up $6.60 to $969.30 an ounce.
Nas Composite, Sox, Banks, Brokers, all retraced into 38.2% on the daily charts. The Nas 100, Dow and S&P 500 have not reached that level of resistance. We’ve had a big two day bounce and recovered all of July’s losses on the market. Leaving the market with the intermediate bear market bounce to now deal with a blow from earnings. Now if the market can blow this off tomorrow and still find buyers we’ll get a summer rally yet. IF we can’t rally off bad news it will take back the gains we’ve seen quickly. Any excuse to drop is all the bears will need to reload shorts. Tomorrow morning ahead of the bell we have C, which is a major bank and can still help the bulls. As I type comments MSFT, GOOG, IBM, ZION, MER, GILD, PMCS, and the list goes on are all trading down. Which lends itself to a weak opening with no economic data due Friday morning. So unless C can pull a rabbit out of the hat like JPM and WFC have done, we aren’t going to see the bulls early on. IBM’s report was good and guidance was fine, but everyone else is very conservative and/or guided down and missed. Conference calls and analyst comments are still rolling out and will be into the pre market as well. But negative sentiment and to see buyers ignore that would be what the bulls need now to turn the markets negativity around. Without that we’ll expect to see a weak market and a weak opening. Watch that opening range for direction…gap and go isn’t out of the question for us.
Economic data for the week (underlined means more likely to be a mkt mover): Friday nothing due out
Some earnings for the week (keep in mind companies can change last minute): Friday pre market C, HON, SLB and after the bell BMI.
ES (S&P 500 e-mini) Friday’s pivot 1252.50, weekly pivot 1248. Intraday support: 1252, 1245.75-1243.75, 1241, 1238.75, 1231.25, 1224, 1218.75, 1213.75, 1210.50. Resistance: 1255.5, 1258.50, 1260.50, 1263, 1266.50, 1273.50, 1278.75, 1293.
NQ (Nas 100 e-mini) Friday’s pivot 1847, weekly pivot 1828.25. Support: 1827, 1820, 1817.75-1816.75, 1813, 1807.75, 1804.50-1803, 1797.75-1795.50, 1790.25-1787.25, 1781.50. Resistance: 1846.50, 1850.75, 1855, 1858, 1861, 1868.50, 1877.50-1878.25.
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